Near Foundation Cuts Staff by 40%, CEO Says Organization Is in Good Financial Health

NEAR CRYPTO_NEWS

The NEAR Foundation recently said it has let go of 35 workers as part of a realignment exercise that sees it “focus on a narrower and higher-impact set of activities.” The foundation’s CEO insisted that the job cuts did not in any way indicate that his organization was facing financial challenges.

The NEAR Foundation’s Record-Breaking Year

The NEAR Foundation announced on Jan. 11 that it had cut its staff by approximately 40% as part of a realignment process that will see it “focus on a narrower and higher-impact set of activities.” Illia Polosukhin, the CEO of the Swiss-based nonprofit foundation, has however pledged to help the 35 employees find other opportunities in the Web3 industry.

According to his letter addressed to the NEAR community, the job cuts are coming off the back of what the CEO characterized as a successful 2023. Some of the successes achieved in the past year include the NEAR protocol becoming home to three top ten apps in Web3. In the same period, the NEAR protocol reportedly saw a record number of daily users.

However, despite these achievements, Polosukhin said a review of the NEAR Foundation’s activities showed that changes were needed to make the protocol even better. The CEO explained:

“During this process, we heard feedback that the Foundation has not always been as effective as it could be, sometimes moving too slowly and trying to do too many things at once. Following this review, we have decided to significantly consolidate the core Foundation team to focus on a narrower and higher-impact set of activities.”

Polosukhin, however, insisted that the job cuts did not in any way indicate that the foundation was facing financial challenges. To support this assertion, the CEO pointed to NEAR Foundation’s well-managed treasury which has over $285 million in fiat. In addition, it has 305 million NEAR coins worth over $1 billion and $70 million in investments and loans.

Meanwhile, Polosukhin’s letter revealed that most of the affected workers were from the marketing, business development, and community teams. However, the NEAR Protocol engineering team at Pagoda is set to continue operating as it has in the past.

Source : Bitcoin.com / Jan 13, 2024

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.