On March 7, 2019, Dash Core Group (DCG) plans to let go approximately 8% of their staff, says in their official announcement by the company’s CEO Ryan Taylor. They are about to remove their Human Resources team, remove 2 people from the Strategy team and one person from the Business Development team.
Tough decisions to maintain financial stability
As Ryan Taylor writes in his announcement, Dash Core Group faced tough decisions to maintain the company’s financial stability. The main reason for this is the long-lasting “crypto-winter”, which affects the majority of crypto companies around the world. It looks like the last several months for Dash Core Group have been mostly about reducing their budget. Also, the company is in a “hiring freeze” mode for about 6 months now.
However, earlier in December they claimed that “DCG is not at risk of shutting down anytime soon, or of any significant cuts in staffing levels in the near term. We have a significant buffer in place to withstand the impact of the market bottom, whenever that comes.”
Altogether, Ryan describes that this six-month-long period resulted in “some natural turnover to have an effect on our expenses as well.”
Staff reduction is not related to the performance of Dash Core Group
The CEO explains that their primary focus remains on the development of the network. He also highlighted the rollout of the Evolution. In order to not disrupt the primary focus, they decided to reduce several business functions like:
-The elimination of Human Resources
-Laying off two people from the Strategy department
-Laying off one person from the Business Development department.
These reductions represent 8% of their staff.
However, this does not mean that HR department will no longer function within the company. That also applies to Strategy and Business departments.
Many HR related duties will be shifted to individual managers. Glenn Austin, the CFO (chief financial officer) will be the primary contact point for HR related topics.
“Strategy projects will transition to each of the functions with whom the strategy team had been supporting. Operations will assume maintenance responsibilities for the metrics and reporting tools that the strategy team recently created,” explains the annauncement.
However, Ryan himself will take a larger role in Business Development.
The announcement ends with a supportive message to the ones affected in the lay off: “We wish nothing but success for those impacted and I want to thank them personally for the lasting contributions and commitment they demonstrated to both DCG and the network.”
What is DASH?
Dash is one of the most well-known cryptocurrencies. The coin was first launched in 2014 under the brand name Xcoin. It was founded by Evan Duffield. The cryptocurrency currently is the 15th coin by total market cap. During the December bull run, it reached a total market cap of 3.4 billion USD. The price of 1 DASH currently is $83.31.
To read more about the unique features of DASH and its real-life implementation, read our explanatory article.
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