Compass Mining said that it is cutting salaries, spending and 15% of its team.
"While painful, these changes will enable Compass to stay agile and well-positioned in this evolving market, which has challenged many of our industry peers," the statement from co-founders and interim CEOs Thomas Heller and Paul Gosker said.
Recently, Compass Mining also resigned its CEO and CFO. The Block reported that the company cited "multiple setbacks and disappointments," while at that time, a conflict with one of its hosting providers over claims of missed payments became known to the public.
However, Compass Mining also stated that the company has grown too quickly but its services are "not nearly where it needs to be."
The changes in the company have been affected by the recent market downturn and they have joined other crypto companies in making layoffs to tackle the massive market downturn.
According to The Block, Crypto companies such as Bullish.com has laid off less than 30 Bullish staff...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...