Algorand Foundation Cuts 25% of Staff as Crypto Industry Layoffs Grow
Algorand Foundation has laid off 25% of its staff due to persistent declines in the crypto market and ongoing macroeconomic uncertainty. The exact number of affected employees was not disclosed. The foundation described the decision as difficult, praising the impacted staff and stating the layoffs aim to align resources with long-term priorities. Algorand’s native token, ALGO, is down nearly 98% from its 2019 peak, currently trading around $0.09. Despite setbacks, the foundation remains focused on its mission to expand the protocol and ecosystem. In Q4, the network reported a 4.7% increase in quarterly transactions and $109 million in real-world assets, ranking 19th among blockchains for RWA value. The layoffs follow similar recent cuts across the crypto industry, including at OP Labs, PIP Labs, Gemini, and Block. Algorand Foundation continues to advertise positions in community management and business development.
