Ignite, the company behind the Cosmos blockchain ecosystem, has laid off more than 50% of its workforce in July 2022, amid a severe crypto market downturn and internal restructuring. The cuts, which affected over 50 employees across various departments, followed the return of controversial ex-CEO Jae Kwon in May, who announced a reorganization splitting the company into Ignite and a new venture, New Tendermint. The crypto crash in June forced deeper reductions than initially planned, compounding the uncertainty around the firm's future as top executives, including CEO Peng Zhong, also departed. This places Ignite among other crypto firms like Coinbase and Crypto.com facing significant challenges during the sector's collapse.
