The Algorand Foundation announced a 25% reduction in its workforce due to macroeconomic uncertainty and the sluggish crypto market.

PANews reported on March 19th that, according to The Block, the Algorand Foundation announced a 25% reduction in its workforce, citing global macroeconomic uncertainty and the sluggish crypto market. The foundation stated on the X platform that this decision was not made lightly, but rather a response to the uncertain global macroeconomic environment and the broader crypto market downturn.

According to LinkedIn, the non-profit organization has fewer than 200 employees. Its latest financial report shows that the foundation holds approximately $38 million in USD-denominated assets and 1.1 million ALGO tokens. The foundation stated that it believes current resources are more sustainably aligned with the protocol's long-term priorities and will continue to focus on its mission of financial empowerment. Recent layoffs in the crypto industry have continued, with several projects shutting down or restructuring.