Near Foundation announces layoffs of 35 employees, accounting for 40%

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In a recent update, the NEAR Foundation launched notify Reorganization is underway to streamline operations and improve efficiency to promote the vision of an open network.

The announcement was made via a post on the NEAR Foundation’s official website, outlining the reasons behind the move and what it means for the organization’s employees.

Known for its commitment to giving individuals control over their data, privacy, and governance, the NEAR Foundation played a key role in the development of the NEAR protocol. In 2023, the NEAR protocol achieved major milestones, hosting 3/10 of the top applications on Web3, attracting a record number of daily users, and driving growing collaboration with the Ethereum community.

The decision to reorganize follows a comprehensive review by the NEAR Foundation Council (NFC). The review highlighted areas where foundations could improve efficiency, citing examples of moving too slowly and trying to execute too many initiatives at once. In response to this review, the NEAR Foundation has chosen to strengthen its core team to focus on a wider range of targeted and impactful activities.

As part of its restructuring strategy, the NEAR Foundation will lay off approximately 40% of its workforce, affecting 35 employees in its marketing, business development and community teams. It is worth noting that NEAR Protocol’s technical team will not be affected by this reorganization.

In an official statement, the NEAR Foundation expressed its gratitude to its late colleagues for their contributions and efforts toward realizing the shared vision of the open web. The Foundation is committed to supporting affected employees during this transition and helping them pursue new opportunities in the NEAR ecosystem, the broader Web3 industry, and beyond.

Financially, the NEAR Foundation maintains its stability, with over $285 million in fiat currency in its coffers, 305 million NEAR tokens worth over $1 billion, and $70 million in investments and loans. This financial strength puts the NEAR Foundation in a strong position to continue supporting the growth, development, and decentralization of the NEAR protocol and its ecosystem.

Source: Coingecko

At press time, NEAR price was trading at $3.62, up 13.4% in 24 hours. According to data from Coingecko, this number has grown significantly by 55% in the past 30 days.