BlocksInform
The Sydney Morning Herald has reported that the Australian society of crypto games, unchangeable, will lay off 11% of its personnel on Feb. 22.
Immutable’s CEO, James Ferguson, reportedly blamed the decision on the company’s need to maximize its reserves and prioritize essential projects.
The workers affected would be offered an average of 10 weeks' severance pay, the possibility of retaining more shares in the company, laptops, consultancy, mentoring and retraining services. The report goes on to say that affected employees in the U.S. would have access to health care from the company.
Immutable previously laid off multiple employees in 2022 due to the challenging market conditions at the time.
In the last fiscal year, the corporation would have suffered losses of approximately $56 million, with expenditures exceeding profits.
According to figures submitted to the Australian Securities and Investments Commission, the firm earned $27 million, while its expenses were around $83 million
However, an unchanging spokesman told the Sydney Morning Herald that the company had $280 million in cash and that it held its IMX token for the long term.
Meanwhile, the IMX tanked by over 8% to $0.94206 at the time of writing, according to CryptoSlate’s data.
Immutable’s announcement followed that of Polygon (MATIC), which sacked 20% of its staff on Feb. 21.
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