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Companies

The Nebulas blockchain project lays off 60% of its team

Following layoffs at Consensys, Houbi, Bitmain and ShapeShift, another blockchain project is cutting its team significantly. Nebulas, a blockchain project describing itself as "autonomous metanet," has reduced the size of its team by 60%, reducing headcount from 80 to 30 people, CoinDesk reports. The company has gone through a series of cutbacks which started last summer and impacted mostly the team based in Beijing, said Becky Lu, a spokesperson for Nebulas. The company chose to shut down less important projects at least until the market recovers, thus focusing solely on their core goals.

“Another reason we decided to cut off the unimportant projects like third-party wallets [was that they are] not core to the main tech visions mentioned in the [Nebulas] white paper. So the dev team of that project was first impacted.”

In August, the company decided to delay the NAS token distribution, which since its debut has lost almost three-quarters of its value.