Vietnamese startup Sky Mavis lays off 21% of its workforce.

Specifically, in a recent announcement, Sky Mavis co-founder Nguyen Thanh Trung revealed that in order to focus on core products, the company needs flexibility and a shift in priorities. Therefore, the company will be cutting a number of employees.

This decision is understood to be unrelated to the company's budget or financial situation. It is a move to allow for a clearer focus and positioning of Sky Mavis for growth in 2025 and beyond.

Sky Mavis announces layoffs of 21% of its workforce.

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There is currently no information on which departments will be downsized or the downsizing process, however, the company confirms that employees will receive severance pay and assistance in finding new jobs.

The reasons given are: the company decided to focus on its goals regarding Ronin Wallet, Mavis Marketplace, expanding the Ronin blockchain to attract more developers, and releasing more Web3 games.

The decision was announced amidst a resurgence in the cryptocurrency market and Bitcoin approaching the $100,000 mark. Following the announcement, Ronin's Ron currency increased by 15%, bringing its market capitalization to over $600 million, while AXS, associated with the game AXie Infinity, surged by over 20%, reaching $1.24 billion on November 24th. Previously, Sky Mavis was also one of the few startups founded by Vietnamese individuals to be valued at over $1 billion.

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Sky Mavis was founded in 2018 by Nguyen Thanh Trung, Tu Doan, Viet Anh, along with two foreign members, Aleksander Larsen and Jeffrey Zirlin. According to a 2023 report, the company has approximately 250 employees globally, with 200 in its Vietnam office.

Source: https://kinhtedothi.vn/startup-viet-sky-mavis-sa-thai-21-nhan-su.html