Ukrainian company DMarket has reduced a quarter of the staff. One of the reasons is the fall of cryptocurrency
The team of the Ukrainian company DMarket, which is working on a blockchain platform for trading in-game items, had about 160 employees. As it became known to AIN.UA, the other day the company management took a decision to significantly reduce the staff. One of the reasons is fluctuations in the cryptocurrency market.
The company has confirmed the information about the reduction of personnel and explained the reasons. According to the co-founder of DMarket, Volodymyr Panchenko, the company had about 160 employees, and management reduced about 25% of the staff. This decision was influenced by two factors.
“The first is the situation in the cryptocurrency market, which now leaves us with far fewer options for maneuvering next year and developing business lines. The second is the development of new markets and geographies, we are now actively working in the USA, and we need support there, including the venture capital investments, this also puts us with certain restrictions that need to be met. Based on these two tasks, we made the final decision on the staff reduction on Friday,” Panchenko said.
To the editor’s question about the company’s financial position, the co-founder replied that DMarket had enough funds for development. “We have already adopted a budget for 2019. We have enough funds for the next year with all the tasks for business development. The funds we raised during the ICO we poured into fiat currency,” Panchenko said.
Now the company plans to develop within the markets of the USA and Asia. An office is being opened in the USA, employees are being recruited there, there is a delay with the opening in South Korea, and negotiations are underway on this issue.
Let us recall, DMarket is a global marketplace for in-game content trading. It was launched by Oleksandr Kokhanovskyi, member of the board of directors of the Na’Vi Ukrainian e-sports club, and Volodymyr Panchenko, the founder of the virtual items trading service Skins.Cash. In December 2017, the company raised a record $25 million at that time for Ukraine on the ICO.