#Steemit, a place for content creators that some have compared to Facebook and other websites where users themselves generate the content, has laid off 70% of its staff, according to founder and CEO Ned Scott but not reveal exact numbers.
The company mentioned “#weakness of the cryptocurrency market,” as well as the reducing the value of their own #STEEM token, and growing costs as the primary object for the lay-offs.
“The remainder of the team is staying on to focus primarily on decreasing the costs of the infrastructure running steemit.com and our public APIs, and ensuring that the community can remain informed of developments,” #Scott said.
#Steem price chart:
