Media: STEPN to lay off more than 100 employees

The STEPN fitness app has begun a round of layoffs. According to sources cited by journalist Colin Wu, the company plans to lay off more than 100 employees.

The company has begun focusing on promoting its parent company Find Satoshi Lab, and mainly on new projects to be released, such as NFT-marketplace. In addition, a large amount of GMT’s investor SAFTs will be unlocked in March next year.

— Wu Blockchain (@WuBlockchain) October 12, 2022

The reductions affected not only staff on the Move-to-Earn (M2E) platform but also ambassadors of the project. The share of personnel cut was not disclosed.

The bear market in cryptocurrencies has also forced STEPN to delay certain developments and cut investments.

According to sources, the company is focused on promoting its parent studio Find Satoshi Lab and on releasing new projects, such as NFT-marketplace.

BitMEX, Robinhood, Gemini, Bitso and the parent company of Brazil’s exchange Mercado Bitcoin announced workforce reductions.

Coinbase will cut staff by about 18%, the crypto-lending platform BlockFi by 20%. According to reports, Huobi will lay off 30% of workers, the gaming NFT studio Immutable by more than 20%.

Earlier, in the second quarter of 2022, STEPN earned a profit of $122.5 million from app usage fees.

In August, STEPN and the Spanish La Liga football club Atlético Madrid announced the launch of an NFT collection.

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