RDX Works Lays Off 15% of Staff as Crypto Winter Continues to Bite

Radix decentralized finance (DeFi) platform developer, RDX Works, has reduced its workforce by 15% as part of cost-cutting measures.

RDX Works, the developer behind the Radix decentralized finance (DeFi) platform, has laid off 15% of its staff as part of a cost-cutting measure.

CEO Piers Ridyard confirmed the layoffs in a statement on the company’s Telegram group on August 29, stating that the move was made to “refocus” the company’s efforts.

“As part of this, we have had to make the difficult decision to reduce our workforce by 15% to better align our capacity with our priorities,” wrote Ridyard.

Radix provides developer tools for building decentralized applications (DApps) and financial services on the blockchain. According to Ridyard, the layoffs will not affect key projects, such as the Cassandra test network and multifactor account persona control and recovery (MFA).

However, he noted that the changes may cause some disruptions, with familiar faces or contact points being affected in the short term, and he requested patience during the transition.

According to LinkedIn, about 71 people currently work for RDX Works in various capacities, including software engineers, cybersecurity analysts, ambassadors, and designers, with some freelancers included in the total.

The layoffs come after a strategic partnership was announced on August 27 between RDX, digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino.

This partnership aims to introduce “flash liquidity” to the Radix ecosystem, making any crypto asset, regardless of its native blockchain, liquid and accessible within the network.

Notably, the news of layoffs did not significantly impact Radix’s native token, XRD, which saw a slight 1% increase in price to $0.02352, though it remains down over 96% from its all-time high of $0.6513 in November 2021.

Earlier this year, in March 2023, RDX Works also laid off 25% of its staff, which mainly affected business support teams rather than technical roles.

These changes highlight the ongoing challenges faced by companies in the cryptocurrency space as they navigate market conditions and aim to sustain growth.