Eigen Labs, backed by $220 million in venture funding, will continue to operate its EigenLayer and EigenDA protocols as part of EigenCloud.
Eigen Labs, backed by $220 million in venture funding, will continue to operate its EigenLayer and EigenDA protocols as part of EigenCloud.Eigen Labs said it laid off 29 employees, 25% of its workforce, as it focuses on developing EigenCloud.
The dismissals are not due to a cash crunch, but rather a strategic decision to reallocate resources, with departing employees receiving supportive severance packages, the company said. Eigen Labs, backed by $220 million in venture funding, will continue to operate its EigenLayer and EigenDA protocols as part of EigenCloud. Eigen Labs cut its workforce by 25%, losing 29 roles, as CEO Sreeram Kannan said he restructured the company toThe Seattle-based startup said the dismissals were not a cash-crunch response. The comany is backed by $220 million in venture funding, including a $100 million Series B round led by a16z in February that gave it a $1 billion valuation. "As difficult as these changes are, they sharpen our focus as a company and ensure our teams are structured to sustainably pursue a single, ambitious goal: to build the world’s first verifiable cloud platform," Kannan said in a post on X. "We move forward with a tighter strategy, renewed energy, and a team laser-focused on our mission." EigenLayer, the restaking protocol that underpins the project, and its data-availability sibling EigenDA will remain online as part of EigenCloud, Kannan Employees leaving company will receive three months of pay, accelerated token vesting, continued health coverage, and help finding new jobs, he said. He also invited other crypto firms to recruit the departing staff, signaling a wish to keep talent inside the ecosystem.Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
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