Radix (XRD) Team Lays Off 15% of Staff Citing Need to Cut Costs

Officially launching its mainnet in July of 2023, the Radix network offers developer tools to build and run decentralized applications (DApps) and financial services on the blockchain.

Decentralized finance (DeFi) platform Radix’s team, RDX Works, has cut its workforce by 15% in a bid to reduce costs.

Launched in July 2023, the Radix network provides developer tools to build and operate decentralized applications (DApps) and financial services on the blockchain.

On Aug. 29, the firm’s CEO, Piers Ridyard, announced the staff cuts in a statement to the company’s official Telegram group, adding that the move is to “refocus” and part of a “more comprehensive set of changes that need to be made.”

“One 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,” he said.

On LinkedIn, around 71 people are listed as currently working at RDX Works across varying roles, including software engineers, cybersecurity analysts, ambassadors and designers. Some are listed as freelancers.

Ridyard claims key projects at RDX, such as its test network Cassandra and multifactor account persona control and recovery (MFA), are “unlikely to be affected” by the changes.

However, he did concede that “some familiar faces or points of contact with RDX Works may be disrupted” in the short term.

The Radix ecosystem token (XRD) hasn’t been largely impacted by the news. According to CoinGecko, the XRD price has increased by 1% to $0.02352 in the last 24 hours.

However, it’s still down over 96% since reaching its all-time high of $0.6513 on Nov. 14, 2021.

The staff layoff comes shortly after a new partnership announcement.

On Aug. 27, RDX announced that it had entered into a strategic development partnership with digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino to introduce flash liquidity to the Radix ecosystem.”

According to RDX, flash liquidity’s “aim is to make any crypto asset, irrespective of its native blockchain, liquid and accessible within the ecosystem.”

In March 2023, the company also laid off 25% of its workforce, around the same time as other firms in the crypto space, but the cuts were focused almost entirely on business support teams rather than technical roles.

Cointelegraph has contacted RDX Works for comment.