Dapper Labs Laying Off Another 20% of Its Staff

The job cuts follow a previous 22% workforce reduction in November.

AccessTimeIconFeb 23, 2023 at 8:58 p.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Dapper Labs is letting go of another 20% of its staff, the company's CEO Roham Gharegozlou said in an email to investors Wednesday.

The Block first reported the news.

  • Why Worldcoin Is Launching a Layer 2
    20:07
    Why Worldcoin Is Launching a Layer 2
  • Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
    02:17
    Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
  • Base Monthly Active Addresses Increased by 160% in March: Nansen
    00:50
    Base Monthly Active Addresses Increased by 160% in March: Nansen
  • Bitcoin Halving: We Answer Your Questions
    04:16
    Bitcoin Halving: We Answer Your Questions
  • In the note, Gharegozlou announced a corporate restructuring and said that “as part of this restructure, we have made the difficult decision to part ways with team members representing 20% of full-time employees," he wrote.

    Gharegozlou also noted that the company is in a “strong cash position with no outstanding debt.”

    "With the right cost structure, we can think long term," Gharegozlou wrote. "Our goal is to grow our communities sustainably."

    He added: "The shift we’ve undergone over the past several months has not been easy, but it was necessary to get us in fighting shape for the path ahead."

    On Monday, a federal judge ruled that Dapper’s NBA “Top Shot Moments” non-fungible tokens could be considered securities. Gharegozlou wrote in his note that the case would not be going to discovery and that no "substantive decision" had been made.

    UPDATE (Feb. 23, 2023, 22:51 UTC): Adds comments from Dapper Labs CEO about recent changes and court decision.


    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Nelson Wang

    Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above 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 consensus.coindesk.com to register and buy your pass now.



    Read more about