Dash Core Group to Lay Off Staff in 'Crypto Winter' Cost-Cutting Effort

The company behind cryptocurrency project Dash is to reduce its staffing levels in a cost-cutting effort brought on by the "Crypto winter."

Dash Core Group CEO Ryan Taylor announced late last month that the firm has decided to lay off four employees across several business areas - eight percent of its staff - to "Reduce costs and align them with the available budget."

As a result, the human resources department will no longer exist, two people will be leaving the strategy section and the business development team will be reduced by one person.

The affect of the cryptocurrency bear market over the last year has also seen some of DCG staff taking voluntary salary cuts and losing employee benefits in order to "Maintain the company's financial health" without increasing the overall budget, Taylor said.

With the staff changes, DCG further announced some operational changes to its business functions.

Human resources-related duties be will be shifted primarily to the firm's chief financial officer, Glenn Austin.

Strategy projects will transition to each of the relevant functions and Taylor himself will be taking a key role in business development.

The firm is the latest to announce layoffs in the blockchain space as low crypto prices adversely affect business models.

Last month, smart contract auditing firm Hosho cut 80 percent of its staff after business slowed in 2018.

In January, blockchain project Nebulas axed 60 percent of its team, while the NEM Foundation also announced planned staffing cuts.