Filecoin Creator Protocol Labs Announces Layoffs Amid Crypto Winter and Economic Downturn

Protocol Labs CEO Juan Benet published a blog post on Friday announcing that 21% of the company's staff will be laid off. Protocol Labs is the creator of the blockchain network Filecoin. Benet emphasized in the blog post that it has been an “extremely challenging economic downturn, worldwide, and especially in the crypto industry.

Timeline of Filecoin

In a press release published on 3 February, Protocol Labs, the company behind decentralized file storage network Filecoin [FIL], announced that it would layoff 21% of its workforce.

The parent company of Filecoin (CRYPOT: FIL), Protocol Labs, a technology company that develops computing infrastructure, has laid off 21% of its workforce, citing a global economic downturn and an extended cryptocurrency winter as reasons for the move. The layoffs impacted PLGO teams including PL Corp, PL Member Services, Network Goods, PL Outercore, and PL Starfleet.

In a blog post released on Friday, Protocol Labs CEO Juan Benet declared the company would be laying off 21% of its staff due to an “extremely challenging economic downturn,” particularly in the cryptocurrency industry. To ensure the organization could survive this difficult period, cost-cutting measures had to be taken by Protocol Labs.

FIL

$5.760000

BUY

Filecoin [FIL] recently revealed that it is on a mission to deploy the InterPlanetary File System in space. According to the official announcement, the mission will take place in 2023 aboard Lockheed Martin's LM 400 Technology Demonstrator spacecraft.

Given that the price of Filecoin has significantly increased today as well, the most recent Filecoin price analysis shows indications of a bullish trend. Since the selling pressure appeared to be much more above the current price level, FIL has been in correction for the last three days.

Filecoin price analysis shows bears taking control over the past 24 hours, as price fell almost 3 percent to move as low as $5.19. With today's decline, FIL fell down from its month-long high of $5.76.

Filecoin's [FIL] performance over the last few days was commendable on the price front. CoinMarketCap's data revealed that in one day, FIL registered over 13% gains, which was higher than several other cryptos with a larger market capitalization.

The Interplanetary File System (IPFS) is going to be deployed in orbit, according to a groundbreaking project revealed by the Filecoin Foundation, the organization in charge of overseeing the Filecoin network. The LM 400 Technology Demonstrator spacecraft from Lockheed Martin will carry out the mission in 2023.

Filecoin Foundation will deploy IPFS aboard a Lockheed Martin spacecraft this year to test decentralized storage in space. The post Filecoin Foundation set to test IPFS-based communication in space appeared first on The Block.

A top crypto trader says he thinks three under-the-radar altcoins including decentralized exchange ThorChain (RUNE) are gearing up for strong surges. Starting with decentralized storage network Filecoin (FIL), the crypto analyst believes that there's no resistance for the altcoin until it hits $5.80. “I think FIL is going to pull the same move COMP did.