Steemit, a social media platform, has confirmed that it is initiating an organisational restructure – which has resulted in more than 70% of its staff being let go.
The news was announced by Ned Scott, Steemit’s CEO, in a video release detailing the decision.
“While we were building up our team over the last many mpnths, we have been relying on the projections of a higher bottom for the market, and since that is no longer there we have been forced to lay off 70% of our organisation”.
He added that the company is hoping to remain honest and upfront about the restructural process:
“We are commmitted to being transparent and open throughout this process where the compnay reorganises and we want to keep you abreast of our development updates and our strategies and prioritations for cost prodcutions so that we can make not only Steemit sustainable but the other apps in the Steem ecosystem as well .
Steemit acts as a decentralized application which is run on the Steem blockchain. It has a community-focused approach and uses the Steem token for operation. Since midway through November, the token took a nosedive with the most of the cryptocurrencies in the market, and has struggled to regain its value.
At present, Steem is trading for $ 0.393 USD and has seen a day-on-day increase by 11.97%.