FTX meltdown is not over, Candy Digital join the layoff
Candy Digital is a recent victim, announcing massive layoffs in the wake of the ongoing bear market.
The recent crypto downtrend caused by the collapse of FTX has caused many crypto companies to lose their reputation and file for bankruptcy. This saga spread to so many crypto companies, investors, companies in the general crypto market and related projects suffered huge losses and took our journey in crypto a step back this year. Few days ago, Binance CEO CZ said the market is healthy and will turn bullish. Well, I can't say that this is true or not because this is exactly what we all expect from the Crypto market. But I don't see that there is no such thing as the truth here, the FTX meltdown is not over yet, it is still eating a Crypto institution under its clothes. We have heard a lot from so many institutions that have already hit by this, but it still surprised me that some Crypto institution just came out and announced the FTX debacle.
A crypto company like Candy Digital recently fell victim to the FTX debacle, and the company announced massive layoffs.
Candy Digital is an NFT sports and entertainment company founded in 2021 by Michael Rubin, the executive chairman of sporting goods giant Fanatics.
The Candy Digital NFT companies start with some great shareholders like Mike Novogratz, CEO and founder of Galaxy Digital, in addition to popular crypto investor Gary Vaynerchuk.
Candy Digital's NFT portfolios In October 2021, Candy Digital raised more than $100 million in a Series A funding round, valuing it at $1.5 billion. Candy used the covered funds to expand its investment portfolios.
Candy Digital continued to partner with the Major League Baseball license and has sold several NFT collections based on the league and its teams. Since then, the company has launched other NFT projects with notable investments, including World Wrestling Entertainment and racing teams.
However, Candy Digital announces mass layoffs of workers On November 29, the company laid off some of its employees due to poor performance seen recently in the ongoing bear market. The NFT company had cut more than a third of its employees, including some top positions in the company such as content manager, Matthew Munter and CO.
Although this problem started in June when Terra USTC lost its peg, but the company continued to fight and maintain momentum until the FTX saga came to the worst of the whole problem for them, that's why candy digital has lost momentum to the recent bear , and this has made it The company really broke down and looked at laying off its staff and then filing for bankruptcy. Candy Digital is now the latest NFT company to announce layoffs citing the bear market turmoil caused by FTX. While Candy is not the only NFT company to announce layoffs during this FTX saga, another NFT company such as Dappers Labs, their biggest rival in the NFT space, also cut 22% of its staff earlier this month , as did Opensea, the NFT marketplace in July when it cut 20% of its staff
I don't know if there is more to come from what caused FTX and any company that declares bankruptcy every day will create a lot of fear in cryptospace and everyone will be uncomfortable with their holding, afraid that the market will collapse.
Thank you for your attention ๐๐
Posted Using LeoFinance Beta
