Crypto-friendly web startup Brave lays off 15% of its workforce
Privacy-focused web startup Brave has cut approximately 15% of its workforce, its second round of layoffs within the past 10 months.BAT is down 6% on the day and 91% from its all-time high of $1.90 set in November 2021, according to The Block’s price page.
Brave Software has let go of 27 people, or about 15% of its workforce. This is the second round of layoffs for the web browser and search startup within the past year, according to a TechCrunch report.
The privacy-focused internet company founded by Mozilla co-creator Brendan Eich has steadily grown since its founding in 2015. According to its latest transparency report , Brave counts nearly 80 million monthly active users, up from 65 million at the end of last year.
Despite its popularity as an alternative browser, particularly within the crypto industry, Brave remains relatively small compared to competitors like Opera and Firefox and especially internet search juggernaut Google Chrome.
Brave offers several opt-in crypto services like a native wallet and access to the InterPlanetary File System (IPFS). In 2017, Brave raised about $35 million selling its Ethereum ETH -2.26% -based Basic Attention BAT -6.43% Token tokens designed to reward users for watching ads.
The firm recently unveiled an AI assistant, Leo, and bespoke indexing solution. TechCrunch floated the possibility the most recent round of layoffs may be connected to the costs of developing and running AI services.
The Basic Attention Token (BAT), the native token of the Brave browser awarded to users for viewing ads, is down 6% on the day and 91% from its all-time high of $1.90 set in November 2021, according to The Block’s price page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sei Foundation launches $65 million DeSci venture fund 'Sapien Capital'
Sei Foundation has launched Sapien Capital, a $65 million venture fund to back DeSci startups building on its Layer 1 Sei blockchain.The foundation has fully committed the $65 million, with no external capital involved, Justin Barlow told The Block.
The Daily: Trump Media approves Truth.Fi launch and crypto investments, Robinhood teases bitcoin futures trading and more
Trump Media & Technology Group has launched a fintech venture called Truth.Fi, aiming to invest up to $250 million in bitcoin, similar cryptocurrencies or crypto-related securities, ETFs and other financial assets.Popular retail platform Robinhood teased the launch of bitcoin, ether, oil and gold futures trading on Wednesday alongside S&P 500, USD and EUR futures, facilitated by the CME Group.
Bitcoin Positioned for a Surge as Price Discovery Phase Progresses
Wall Street’s Growing Role Could Make Bitcoin Less Volatile