Protocol Labs is laying off 21% of its staff, or 89, from the company. Protocol Labs launched Filecoin, one of the biggest projects funded in the 2017 initial coin offering boom, raising approximately $257 million in cryptocurrency at the time (its own materials put the number at $206 million).
Filecoin provides a decentralized data storage service powered by its file coin (FIL) token. Decentralized storage aims to offer more resilient and censorship-resistant data storage to everyone using the internet.
“We announced [the layoffs] at an All Hands this morning. We’ve sent an email and calendar invite to impacted individuals to discuss this transition face-to-face and offer our support,” Juan Benet, Protocol Labs CEO, wrote in the blog post.