Brazilian Web3 gaming company BAYZ laid off 80% of its staff in January. Information has been sent by people affected by the cut to Bitcoin portal.
According to the former employee, who asked not to be identified, the company has gone from 85 employees to between 10 and 15. A portion of the employees affected by the cut have joined a list to look for new jobs.
In a statement via Slack, co-founder João Borges told employees that the bear market and the collapse of FTX has caused several partner companies to boycott marketing actions.
We’ve been working on an investment round that’s been paused for the time being. “Given the market situation that has hurt our customers, and with the contribution not being made yet, unfortunately, we will have to adapt several divisions of the company to be able to honor the services provided so far,” said Borges.
In a note sent to Bitcoin portalBaez said: “After the movements and challenges of the cryptocurrency market in recent months, it was necessary to adapt the company to the current situation in the sector. This included making adjustments to the company’s structure, while firing part of our employees. We are very sorry to end the journey of these professionals and are grateful for their contributions.” .
The official who spoke with a newspaper reporter Bitcoin portal Asking not to be identified, he said the employees were “100% surprised” and that the company had only issued “good news”. To clarify, he sent a post on Twitter on the company’s official profile in which the company celebrates 2022 “full of achievements, projects and partners” and says it looks forward to 2023.
The past year was marked by many achievements, projects and partners.
– Bays® 🎮 (@bayzgg) January 10, 2023
In February last year, Baez announced the appointment of Brazilian Gui Barbosa as general manager. Until then, the strategist led the gaming segment on TikTok for Latin America and ByteDance initiatives for the region.
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*Text updated at 10:23 AM Jan 19, 2023 to add BAYZ.