Ignite, Cosmos blockchain developer, is the latest to downsize its workforce following the ongoing crypto market crash. Formerly known as Tendermint, more than 50% of its employees have been laid off. Word is that some left voluntarily in exchange for severance packages.
Peng Zhong, the CEO of Ignite, announced his resignation on Friday. His departure comes just a few months after the firm rebranded itself from Tendermint to Ignite are part of a reorganization plan. The aim of the name change was to bring a “fresh change” and action within the company. But the return of Jae Kwon, the original co-founder of Ignite, as the CEO led to the company splitting into two business entities in late May.
Ignite announced massive job cuts, Moreover, several top executives have left the company as details about the new organizational structure between the two entities remain vague. The report says employees were invited to apply to work at New Tendermint. An ex-employee said that those who did not apply were informed that they would be invited to join a reformulated version of Ignite or a new initiative – Cosmos Cash.
It should be noted that most of Cosmos’ core infrastructure is operated by a broad community of teams and companies than Ignite. Zhong had said Ignite would be focusing on Emeris – Cosmos-based crypto investment hub.
