{"id":377500,"date":"2023-02-24T09:44:23","date_gmt":"2023-02-24T14:44:23","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=377500"},"modified":"2023-02-24T09:44:23","modified_gmt":"2023-02-24T14:44:23","slug":"immutable-reduces-staffs-to-prolong-cash-reserve","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/immutable-reduces-staffs-to-prolong-cash-reserve","title":{"rendered":"Immutable Reduces Staffs To Prolong Cash Reserve"},"content":{"rendered":"<ul>\n<li><strong>What &ndash; <span style=\"font-weight: 400\">The blockchain firm Immutable is the latest in the industry to dismiss some employees.<\/span><\/strong><\/li>\n<li><strong>Why &ndash; <span style=\"font-weight: 400\">The negative events within the crypto industry last year affected the overall market conditions negatively.<\/span><\/strong><\/li>\n<li><strong>What next <\/strong>&ndash; <span>The gaming company says its action is to prolong its cash reserve.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">As a result, several <\/span><a href=\"https:\/\/www.forbes.com\/sites\/jackkelly\/2022\/12\/06\/why-more-than-26000-people-were-laid-off-in-the-crypto-sector-this-year\/\"><span style=\"font-weight: 400\">crypto-related companies reduced their workforce<\/span><\/a><span style=\"font-weight: 400\"> to reposition for survival. But the strategy has rolled over to the beginning of 2023 as more firms continue to reduce their staff strength.<\/span><\/p>\n<h2><b>Organizational Restructuring Reduces Workforce<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Recently, Sydney Morning Herald <\/span><a href=\"https:\/\/www.smh.com.au\/technology\/australia-s-biggest-crypto-gaming-start-up-slashes-staff-20230222-p5cmii.html\"><span style=\"font-weight: 400\">reported<\/span><\/a><span style=\"font-weight: 400\"> that the biggest Australian gaming firm, Immutable, is laying off some employees.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the report, Immutable is cutting its workforce by 11% through this recent exercise. This is the second time the gaming start-up dropped employees after the previous one in July 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The report revealed that the co-founder and CEO of Immutable, James Ferguson, sent a note to employees announcing the reduction exercise. The CEO expressed deep concerns about the news as it would impact the lives of some staff and promised to take full responsibility.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ferguson explained that the firm is embarking on staff reduction as a necessary step to extend its operations. He mentioned that action would help prolong the company&rsquo;s cash reserve while utilizing available resources to implement major projects.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Further, the CEO stated that the firm is restructuring for better productivity. He cited that the plan will involve contracting some basic aspects of its game development to some partners. According to Ferguson, this strategy will help the company focus more on its crypto and Web3 components.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, the CEO promised the affected staff a redundancy payment for 10 weeks. Also, they will get laptops and more shares of the firm. Further, Immutable granted the company healthcare services to US-based workers.<\/span><\/p>\n<h2><b>Immutable Expenses Outweigh Income<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Immutable, as an Australian-based firm, is under the regulation of the Australian Securities and Investments Commission (ASIC). So, the gaming firm must submit its operational details to the regulator in compliance with the regulatory rules.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the SMH report, Immutable&rsquo;s financial record for 2022 lodged with ASIC indicated that the firm&rsquo;s income was $27 million. However, its expenses amounted to $83 million, of which $45 million was allocated to staff, freelancers, and consultants. These balances placed the company with a huge loss of about $56 million, a reasonable explanation for its staff reduction exercise.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Through its budgeting process, Immutable raised the value of its <a href=\"https:\/\/insidebitcoins.com\/news\/7-cryptocurrencies-on-listing-charts-soon\">crypto<\/a> and token holdings from $500 million to $556 million. However, such a value is uncertain, mostly when the sales of assets are in bulk.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, an Immutable spokesperson disclosed that the firm has about $280 million worth of assets as a long-term holder on its balance sheet. This cash balance provides over four years of cash reserves for the firm following its current budget.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Also, the firm plans to concentrate on more essential sectors of operation as it adjusted its contractor budgets by reducing hiring plans for some months.<\/span><\/p>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - Diversify Your Crypto Portfolio<\/p>\n                                    <\/div>\n                                    <div class=\"col-12 col-md-4\">\n                                        <div 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   <\/div><!--\/.inContentProvider--single-->\n                            \n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">What &#8211; The blockchain firm Immutable is the latest in the industry to dismiss some employees. Why &#8211; The negative events within the crypto industry <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1912,"featured_media":377508,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[9008,7598,13912],"class_list":["post-377500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-asic","tag-crypto","tag-immutable"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Immutable Reduces Staffs To Prolong Cash Reserve - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Recently, Sydney Morning Herald reported that the biggest Australian gaming firm, Immutable, is laying off some employees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Immutable Reduces Staffs To Prolong Cash Reserve\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-24T14:44:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/02\/getty_655916570_357920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yuri Molchan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yuri Molchan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500\"},\"author\":{\"name\":\"Yuri Molchan\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/4ddedf5a016fc1909f0eb68b3e8d9eb1\"},\"headline\":\"Immutable Reduces Staffs To Prolong Cash Reserve\",\"datePublished\":\"2023-02-24T14:44:23+00:00\",\"dateModified\":\"2023-02-24T14:44:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500\"},\"wordCount\":496,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/02\/getty_655916570_357920.jpg\",\"keywords\":[\"ASIC\",\"Crypto\",\"Immutable\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/377500\",\"name\":\"Immutable Reduces Staffs To Prolong Cash Reserve - 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