On Feb. 23, Dapper Labs CEO Roham Gharegozlou sent a letter to the team announcing a “corporate restructure” and the layoffs.

It is the second round of company layoffs following its downsizing of employees by 22% in November. Gharegozlou stated:

“As part of this restructure, we have made the difficult decision to part ways with team members representing 20% of full-time employees.”

Despite the staff reductions, Gharegozlou said the firm “remains in a strong cash position with no outstanding debt.” He added that “we are committed to our flagship products, tremendously excited about several major launches coming up this year.”

For the unfortunate ones facing the axe, there is a benefits package that includes “generous compensation, health continuation benefits, extended exercise windows for equity stock options, and mental health benefits as well as job search support.”

(By Martin Young)

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