Australian Crypto Gaming Firm Immutable Cuts Staff by 11%

The CEO blamed the layoffs on a need to maximise how long its cash reserves will last.

AccessTimeIconFeb 22, 2023 at 8:49 a.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC

Australian crypto gaming company Immutable is cutting 11% of its workforce, according to a letter to employees from the CEO shared with CoinDesk by the platform.

The news was first reported by The Sydney Morning Herald (SMH).

Chief Executive and co-founder James Ferguson announced the job cuts in the note blaming the layoffs on a need to maximize how long its cash reserves will last and put its resources towards the most important projects.

"I take full ownership for these actions,” Ferguson wrote. He added, "I am sorry to all Immutables impacted by these changes." Affected staff would be offered an average of 10 weeks' redundancy pay, laptops, counseling, coaching and outplacement services, the report said. Health care would be extended to the staff in the U.S.

The SMH report also added that financial submissions to the Australian Securities and Investments Commission show that Immutable earned $27 million, but had $83 million of expenses in the past financial year.

An Immutable spokesperson told The Sydney Morning Herald that the company had $280 million in cash on its balance sheet, giving it more than four years of cash reserves at its current rate of spending.

UPDATE (Feb 22 10:10 UTC): Adds confirmation and the CEO letter.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.