In the wake of ongoing challenges in the cryptocurrency market, CertiK, a company specializing in auditing programming code for blockchain and smart contracts, has taken measures to reduce its workforce. Last year, the company successfully secured nearly $150 million in fresh capital. However, the prolonged crypto winter has prompted the company to make job cuts, which they attribute to the changing dynamics of the market.
CertiK’s co-founder and CEO, Ronghui Gu, explained the decision in an email statement, stating, “In response to evolving market dynamics, CertiK undertook a strategic workforce adjustment today, impacting fewer than 15% of our colleagues. Our primary goal is to restructure our team to better align with our long-term strategic objectives. CertiK remains committed to its mission and believes that these changes are crucial steps towards achieving our goals.”
This move aligns with a broader trend in the blockchain industry, where many companies have been reducing their workforce due to the stagnant prices of cryptocurrencies like bitcoin (BTC) and ether (ETH). In recent weeks, similar staffing cuts have been observed at Chia Network, Chainalysis, Yield Protocol, Blocknative, Ledger, and Yuga Labs.
CertiK had secured significant funding in the past, including a $60 million round backed by SoftBank Vision Fund and Tiger Global and an $88 million round led by Insight Partners, valuing the company at $2 billion. Headquartered in New York City, CertiK offers a comprehensive suite of security solutions, making it a one-stop shop for customers. These solutions include code auditing, threat monitoring, and asset tracing.