DeFi Network Radix Cites 15% Layoff as Strategic Initiative to Cut Costs
RDX Works, the team behind the Radix DeFi platform, has reduced its workforce by 15% as part of a strategic cost-cutting initiative.
The Radix team, a decentralized finance (DeFi) network, has reduced its workforce by 15%, attributing the move to a need for strategic refocusing. According to Piers Ridyard, CEO of RDX Works, these layoffs are part of a broader set of necessary adjustments. pic.twitter.com/Co0YCK5naL
â VIC TRADER (@vicsocialtrader) August 29, 2024
Launched in July 2023, the Radix network provides tools for developing decentralised applications (dApps) and financial services on the blockchain.
In a 29 August statement on the company's official Telegram group, CEO Piers Ridyard confirmed the layoffs, describing them as essential to a broader strategy of organisational restructuring.
The goal is to optimise operations and adapt to evolving market conditions.
He expressed:
âOne of these is also cost cutting. As part of this, we, RDX Works, has taken the difficult decision to reduce total staff by around 15%, which has been done today.â
Ridyard assured that key projects like Flash Liquidity, the Cassandra test network, and multifactor account persona control and recovery (MFA), will likely continue as planned.
However, he noted that there might be temporary disruptions in familiar contacts or interactions with RDX Works.
He concluded with:
âWe work to make sure handovers are as smooth as possible, but ask for patience as things may be a little slower than usual over the coming days/weeks as we adjust.â
Radix Token XRD Shows Minimal Changes
The Radix ecosystem token (XRD) appears to have been relatively unaffected by recent news.
According to CoinMarketCap, XRD's price has increased by 1.17% to $0.02365 in the past 24 hours.
Despite this minor gain, the token remains down over 96% from its all-time high of $0.6513, reached on 14 November 2021.
RDX Enters Partnership to Introduce Flash Liquidity
The staff reduction follows the recent announcement of a significant new partnership.
On 27 August, RDX revealed a strategic development collaboration with digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino.
Flash Liquidity is coming to Radix, backed by three leading crypto market makers: Keyrock, G-20, and Portofino.
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â Radix - Radically Different DeFi (@radixdlt) August 27, 2024
This partnership aims to introduce flash liquidity to the Radix ecosystem, with the goal of making any crypto asset, regardless of its native blockchain, liquid and accessible within the network.
This innovation positions Radix as the go-to platform for both retail and institutional traders, bridging DeFi and centralized exchange liquidity like never before.
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â Radix - Radically Different DeFi (@radixdlt) August 27, 2024
In March 2023, RDX also reduced its workforce by 25%, aligning with industry trends.
However, those layoffs primarily affected business support roles rather than technical positions.