Steemit Lays Off 70% of Workforce, Hard Times Ahead2.34

Blockchain-based social media platform Steemit is facing a crisis. CEO Ned Scott revealed on Nov. 27, 2018, that the company has been forced to lay off 70 percent of its workforce amid an atmosphere of falling crypto prices and high operational costs.

In a post published on the company’s website, Scott revealed that the company is currently undergoing a fundamental reorganization, with a key focus on reducing costs and making the platform more economically sustainable.

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