Ethereum

Bitcoin

Matter Labs, the key developer behind the Ethereum layer-2 solution ZKsync, has announced it will reduce its workforce by 16% due to a major organizational restructuring.&nbsp; 
The company will cut these positions to better align with the evolving technology and support needs of ZKsync (<a href="https://crypto.news/price/zksync/" target="_blank">ZKSY</a>) developers. 
In a <a href="https://x.com/gluk64/status/1830968752210375030" target="_blank">statement</a> on X, CEO Alex Gluchowski explained that the restructuring is driven by the need to adapt to new technological demands and the company’s changing role within the decentralized ecosystem. “We went through a large org planning exercise, and it became clear that the talent and roles we have today do not perfectly match our needs,” Gluchowski stated. 
The decision follows a significant increase in demand for <a href="https://crypto.news/tag/ZKsync/" target="_blank">ZKsync’s</a> technology, including the <a href="https://crypto.news/aave-v3-goes-live-on-zksyncs-era-mainnet/" target="_blank">recent launch</a> of the Elastic Chain. 
Despite the layoffs, Gluchowski assured that Matter Labs remains financially robust, focusing on strategic hiring and maintaining its mission to advance crypto adoption. 
 You might also like: <a rel="" href="https://crypto.news/august-sees-63m-lost-in-crypto-phishing-despite-fewer-victims-scam-sniffer/"> Mantra token holds above key support after dashboard upgrade </a> 
<h2 class="wp-block-heading" id="exit-packages-and-optimism">Exit packages and optimism</h2> 
The affected employees will receive a comprehensive exit package, including three months of base salary, continued healthcare benefits, and career support. Additionally, the company will assist with immigration issues for four months and provide impacted staff with career placement support. 
Earlier this year, Matter Labs <a href="https://crypto.news/matter-labs-withdraws-zk-trademark-plans-following-community-outcry/" target="_blank">withdrew</a> its trademark applications for the term “ZK” following strong opposition from the zero-knowledge community, which argued that such innovations should remain a public good. The company decided to drop its efforts after prominent ZK researchers criticized the move, emphasizing that zero-knowledge proofs should not be monopolized by any entity. 
The company remains optimistic about its future, citing strong technological demand and continued growth opportunities. 
 You might also like: <a rel="" href="https://crypto.news/bitfarms-sells-60-of-august-bitcoin-production-ami-rising-network-difficulty/"> Bitfarms sells 60% of August Bitcoin production ami rising network difficulty </a>

Matter Labs to cut 16% of workforce amid organizational restructuring

Table of Contents

crypto.news

Other articles published on Sep 3, 2024

Cardano’s Latest Upgrade: What is Chang Hard Fork?

QCP Capital Advises Investors to Focus on October for Gains

African startups raised $56 million in August 2024, the second-slowest month in 4 years

Weekly Article Recap: 8/26-8/30

Intelligent Automation Conference Europe 2024: Enhancing Productivity and Efficiency Through Huma...

What Is the Recently Funded Bolt Protocol?

Join our free newsletter for daily crypto updates!