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Matter Labs, the company behind ZKsync, will lay off 16% of its workforce, or 24 employees, in the company’s first headcount reduction since its inception six years ago. “Unfortunately, this learning curve isn’t always perfectly linear. Organizational complexity has a tendency to accumulate over time […] We are ensuring that we have the right roles and people in place to be effective in accomplishing our mission,” Matter Labs president Nana Murugesan exclusively told Blockworks.  Murugesan, who joined Matter Labs in April, added that the decision was made to stay “lean.”  But it was also made as part of Matter Labs’ move into its “next phase” of decentralization and its need to hone down the “right roles that need to be in place.” Read more: Coinbase exec departs for zkSync development company “Matter Labs has embraced Ethereum philosophy, including the philosophy of subtraction. We concentrated on a single mission, which is about accelerating the mass adoption of crypto for personal sovereignty and staying lean,” he explained.  Both Murugesan and CEO Alex Gluchowski clarified the decision was not due to the financial situation of the company, which still plans to carry out “strategic hiring.” “Our financial precision remains strong, which we believe will enable us to thrive even in a multi-year bear market. The demand for our technology is also steadily growing, with around a dozen chains launching on the Elastic Chain this year,” Murugesan said. In 2022, Matter Labs raised $200 million in a Series C led by Dragonfly and Blockchain Capital. “We were always very conscious to not overgrow, not make the typical startup mistakes because we were always focused on the long-term goal,” Gluchowski said. “You might have amazing talent, but it might not be the people who you necessarily need for what you need to accomplish, unfortunately.” Per…

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Filed under: News - @ September 3, 2024 2:26 pm