February has come to an end, and although digital asset prices are swaying in the doldrums, the industry still notched small wins. Recent data shows that during the last month, only 570 employees of virtual currency firms lost their jobs.

The layoffs came from roughly 12 firms, including Polygon Labs, Elliptic, and Messari with the reasons for the layoffs swinging between the need to restructure operations and to save expenses. For Messari, the layoffs affected 15% of staff, with the firm’s founder Ryan Selkis blaming the move on unfavourable market conditions.

On the other hand, Polygon’s co-founder Sandeep Nailwal cited an internal restructuring as the primary reason for his firm’s layoffs, losing 20% of employees. The firm confirmed that the layoffs had little to do with its financial standing as he asserted that its treasury has a healthy balance of $250 million.