CryptoGB

RDX Works Layoffs

March 2023

RDX Works announced a layoff affecting 0 employees (25% of its workforce) in March 2023. The company operates in the Crypto sector.

People Affected

Percentage

25%

Announced Date

Mar 7, 2023

About

In March 2023, RDX Works, a cryptocurrency infrastructure company, announced a workforce reduction of approximately 25%. This layoff affected around 25 employees from a team that had grown to over 100, primarily impacting business support functions like marketing, HR, and operations, while core technical teams remained intact. The decision was driven by ongoing market uncertainty and a prolonged "crypto winter," with the company aiming to conserve resources and prioritize the successful launch of the Radix Babylon mainnet upgrade scheduled for Q2 2023. Despite previous growth and achievements, including developer engagement and network expansion, the broader industry downturn necessitated these measures to ensure long-term resilience and focus on key technical deliverables.