Immutable reportedly lays off 11% of staff after $56M loss

The Sydney Morning Herald reported that Australia’s crypto gaming firm, Immutable, volition laic disconnected 11% of its unit connected Feb. 22.

Immutable’s CEO, James Ferguson, reportedly blamed the determination connected the company’s request to maximize its reserves and prioritize indispensable projects.

Impacted workers would beryllium offered an mean of 10 weeks’ redundancy pay, the quality to support much shares successful the company, laptops, counseling, coaching, and outplacement services. The study added that impacted unit successful the United States would person their company-provided healthcare extended.

Immutable antecedently laid off aggregate employees successful 2022 owed to the challenging marketplace conditions astatine the time.

Immutable mislaid $56 cardinal successful the past fiscal year

Over the past fiscal year, the institution reportedly incurred astir $56 cardinal successful losses arsenic its expenses outstripped earnings.

According to figures submitted to the Australian Securities and Investments Commission, the steadfast earned $27 million, portion its expenses were astir $83 cardinal — $45 cardinal of these expenses were utilized to cater for employees, consultants and freelancers.

However, an Immutable spokesperson told The Sydney Morning Herald that the institution had $280 cardinal currency and was a semipermanent holder of its IMX token.

Meanwhile, the IMX tanked by implicit 8% to $0.94206 astatine the clip of writing, according to CryptoSlate’s data.

Immutable’s announcement followed that of Polygon (MATIC), which sacked 20% of its unit connected Feb. 21.

The station Immutable reportedly lays disconnected 11% of unit aft $56M loss appeared archetypal connected CryptoSlate.