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 <p class="is-style-lead">New York’s blockchain company, R3, has reduced its workforce by over 20% as a cost-saving measure due to lower-than-expected adoption rates in the financial sector. </p> 
 <p>Bloomberg reported that while R3 have seen potential with central banks, other projects didn’t perform as expected, affecting their revenue.</p> 
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    <p lang="en" dir="ltr">In a world of uncertainties, R3’s layoffs showcase the tough terrain startups navigate. <br><br>How has your own startup adjusted to stretch its financial runway?</p>— INSIDE.COM (@inside) September 14, 2023
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 <p>Although exact numbers were not provided, anonymous sources indicate that this <a rel="dofollow" title="downsizing" href="https://thebittimes.com/tag/downsizing.html">downsizing</a> will impact multiple departments. </p> 
 <p>While R3 has gained attention from central banks for digital currency projects, some areas like trade finance and insurance didn’t meet expectations, affecting the company’s revenue.</p> 
 <div class="cn-block-related-link"> 
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 <p>In May 2017, R3 secured $107 million in funding from over 40 institutions, including major players like Barclays, UBS, and Wells Fargo. At the time, this was one of the largest fundraising events for a blockchain startup.</p> 
 <p>Recent data from PitchBook shows a 76% decrease in funding for digital asset firms in Q2 2023 compared to the same period last year. As a result, many crypto companies are tightening their budgets.</p> 
 <p>Over the past year, several companies have laid off <a rel="dofollow" title="staff" href="https://thebittimes.com/tag/staff.html">staff</a>.</p> 
 <p> Crypto.com, a crypto exchange, retrenched 50% of its <a rel="dofollow" title="staff" href="https://thebittimes.com/tag/staff.html">staff</a>, while CoinDesk, a major crypto media outlet, laid off 40% of its editorial team. Binance has also seen several top executives resign from various regions due to regulatory pressures. CoinSwitch, a crypto exchange in India, recently sacked its customer support team.</p> 
 <p>This trend is not limited to the crypto and blockchain sector.</p> 
 <p>Google recently announced layoffs in its recruitment division. </p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> CoinDesk lays off over 40% of editorial staff to ‘ensure a financially sound business’ ahead of sale 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/r3-downsizing-lays-off-20-of-staff-citing-economic-challenges-tbt62806.html">https://thebittimes.com/r3-downsizing-lays-off-20-of-staff-citing-economic-challenges-tbt62806.html</a></p>

R3 downsizing, lays off 20% of staff citing economic challenges

TheBitTimes

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