Immutable

Australian crypto gaming startup Immutable laid off 11% of its workforce in an internal announcement. The company, valued at $3.5 billion last year, cited a need to extend its cash reserves and focus resources on key projects, despite having $280 million in cash. This move follows a reported annual loss and is part of a broader trend of staff cuts in the tech startup sector, influenced by investor caution and a turbulent crypto market.

Australian crypto gaming startup Immutable, valued at $3.5 billion, laid off at least 20 employees on July 26, 2022, affecting about 6% of its workforce. The cuts primarily impacted senior staff with core knowledge of its flagship NFT trading card game, Gods Unchained, effectively gutting the project's development team. The layoffs were announced during a company-wide meeting, with affected employees offered the chance to apply for other internal roles, though these were reportedly unsuitable. This move reflects broader contractions in the crypto and NFT industry, following similar workforce reductions at major firms like Coinbase and OpenSea, as the sector recedes from its 2021 highs.