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RDX Works, the team behind the decentralized finance (DeFi) platform Radix, has reduced its workforce by 15%, aiming to lower costs and "refocus" its efforts. The announcement was made by the company's CEO, Piers Ridyard, on August 29 through a statement to Radix's official Telegram group.
“This is part of a more comprehensive set of changes that need to be made,” Ridyard stated.
“One of these is also cost cutting. As part of this, we, RDX Works, have taken the difficult decision to reduce total staff by around 15%, which has been done today.”
The Radix network, which officially launched its mainnet in July 2023, provides developer tools for building and running decentralized applications (DApps) and financial services on the blockchain. Despite the layoffs, Ridyard assured that key projects, such as the test network Cassandra and the multifactor account persona control and recovery (MFA), are “unlikely to be affected” by these changes. However, he did acknowledge that “some familiar faces or points of contact with RDX Works may be disrupted” in the short term. Ridyard added,
“We 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.”
According to LinkedIn data, approximately 71 people currently work at RDX Works in various roles, including software engineering, cybersecurity analysis, and design. Some of these roles are listed as freelance positions.
The announcement comes shortly after RDX Works entered into a strategic partnership on August 27 with digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino. 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 ecosystem.
Despite the recent layoffs, the Radix ecosystem token (XRD) has not been significantly impacted by the news. Data from CoinGecko shows that the XRD price rose by 1% to $0.02352 in the last 24 hours. However, the token remains down over 96% from its all-time high of $0.6513 on November 14, 2021.
This is not the first time RDX Works has reduced its workforce. In March 2023, the company laid off 25% of its staff, focusing primarily on business support teams rather than technical roles, aligning with broader industry trends in the crypto space.