NEAR Foundation Trims 40% Workforce Amid Staggering Advancements

The NEAR Foundation, one of the most renowned organizations empowering protocol maintainers and ecosystems globally, recently announced a staggering deduction in its workforce, stirring a whirlpool of speculations across the web3 landscape. As per a recent statement issued by the firm’s community, the NEAR Foundation aims to trim its workforce by 40%, eyeing the organization’s more robust and efficient functioning.

Meanwhile, the organization already seems to be scaling new heights across the Web3 landscape, according to the firm’s statement. Aligning with this, NEAR now eyes a more optimized workflow that revolutionizes the firm’s positioning within the Web3 realm.

Simultaneously, amid rising speculations orbiting the announcement, the NEAR price also surged phenomenally, garnering significant attention across the globe.

A Closer Look Into The Announcement

Notably, as per the foundation’s statement, a 40% deduction in the firm’s workforce primarily aims to consolidate the core foundation team. Aligning with this, the firm now zeroes in on a narrower and higher-impact set of activities.

Furthermore, as per the statement, the layoff primarily impacts 35 of the foundation’s team members across marketing, business development, and community domains. However, the NEAR protocol engineering team remains unaffected.

Meanwhile, the firm also proclaimed that it would stay committed to aiding its affected employees in finding new opportunities across the NEAR ecosystem, Web3 industry, and beyond.

However, although the firm announced colossal layoffs, it still stands as an organization with a noteworthy treasury. The firm boasts over $285 million in fiat currency, 305 million NEAR (valued over $1 billion), and a whopping $70 million as investments and loans.

Also Read: ARK Invest President Upbeat On Bitcoin ETF Pricing Even After Fee Waiver Ends

NEAR Price Soars

As of writing, the NEAR price showcased a massive surge of 11.59% over the past 24 hours and is currently trading at $3.66. Moreover, this surge was additionally accompanied by a weekly jump of 0.87% and a monthly upsurge of 56.73%.

In addition, the market cap also noted an upswing of 11.19%, reaching $3.67 billion, followed by a trading volume jump of 43.72%, reaching $327.09 million.

Also Read: India’s Central Bank Governor Reiterates Caution On Crypto Risks