Ethereum Browser Startup Status Cuts Down A Quarter Of Its Staff

The Ethereum startup Status decided to lay off about 25 percent of its staff, according to the latest crypto news allegedly due to the steep decline in the crypto prices.

Announcing the decision on Monday, the co-founder Jarrad Hope explained that the startup is big and that it cannot be sustained since the ethereum’s price dropped more than 80 percent. The startup originally managed to raise 182,000 ETH last year during a token sale which is approximately $64 million. Another problem of the startup was the lack of solid banking partners until the second quarter of 2018.

Status decided to cut off a quarter of its staff and the company believes that this decision is considered ‘’non-essential’’ to the long-term goals of the startup.

However, the startup hopes to stretch its fiat currency holdings so they can manage to cover their expenses for the next six months. The company also hopes that the employees will accept the pay cuts and that they will accept the greater amount of SNT tokens to sooth the cut.

Hope continued to explain:

 “The reality is that we will have to make another assessment end of Q2 which if the market hasn’t picked up we will be forced to make the organization even leaner, and the remaining fiat and our large ETH holdings will be used to create a runway measured in years.”

Now, the priorities are to keep up the promises that the company made in its white paper and to get the app to be usable. Also, despite the cuts, Status confirms that they still have enough engineers that will work on the promises.