Ambisafe, which is developing a blockchain platform for conducting ICO, as well as providing audit services for smart contracts and software development, reduced its staff from 120 to 50 at the end of last year. This is reported by the Coindesk.
Ambisafe CEO Andrii Zamovsky said that at the top of the ICO boom, the company's monthly revenues reached $ 500,000 a month. However, the actions of US regulators regarding ICO projects have made this type of fundraising much less attractive and revenues have decreased almost five times.
We see ourselves as the infrastructure provider for blockchain-based financial markets. We were hiring too fast. I would rather not take some of the projects that we took.
Similar cuts were made to other ICO startups, including Hosho and BlockEx.
Fall in the market last year seriously affected many blockchain companies. So, Steemit, a popular social network on the blockchain, was forced to cut 70% of its staff, Nebulas startup laid off 60% of its employees, and Ethereum Startup Status - a quarter of the team.