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Cryptocurrency

SpankChain team down 60% from peak as firm tries to reduce burn

Ameen Soleimani, CEO of SpankChain, the crypto-powered adult entertainment platform, disclosed in a Reddit thread that he had downsized his team to eight employees. Soleimani clarified on Twitter that while SpankChain peaked at around 20 people, many were short-term contractors and project workers and, "We've been a 12 person team for the last 6 months." Soleimani also disclosed that the company currently has $3M in reserves, which is made up of $2M in fiat and $1M in crypto. Soleimani said the downsizing will help reduce the company's monthly burn rate from $200k to $80k, giving SpankChain between 2-3 years in operational runway, according to current crypto price trajectories. (Source: Ameen Soleimani)

Reporting by Isabel Woodford.