Algorand Foundation cuts 25% of its workforce to cope with macroeconomic uncertainty and a sluggish cryptocurrency market
By: www.chaincatcher.com|2026/03/19 00:50:59
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According to The Block, the Algorand Foundation announced a 25% staff reduction on March 18, 2026. The foundation stated that this layoff is a measure to respond to global macroeconomic uncertainty and the overall downturn in the cryptocurrency market, and it is not a hasty decision. It is reported that the total number of employees at the foundation is less than 200.
Currently, the foundation holds approximately $38 million in dollar-denominated assets and 1.1 million ALGO tokens, with ALGO having a market capitalization of about $805.8 million, ranking 78th globally. The foundation stated that it will continue to focus on the long-term development and ecosystem construction of the Algorand protocol. This layoff is a reflection of the recent wave of layoffs in the cryptocurrency industry, with several projects such as OP Labs, Messari, and Block also announcing layoffs recently.
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