STEPN denies reports of layoffs

A STEPN spokesperson, in a comment to Decrypt, called the statements about layoffs \”baseless\” and \”virtually inaccurate\”.

\”The reality is that STEPN has parted ways with volunteers who had not been active in the past several weeks and months. As for our staff, STEPN is actively hiring for various positions,\” the spokesperson said.

On October 11, the project’s team wrote in a blog about the need to expand the team and launch new projects.

\”The slower pace of the crypto market leaves room for creativity — we feel inspired. Current market conditions make this a perfect time to create [something new],\” the open letter says.

On October 12, sources for journalist Colin Wu reported that STEPN to lay off more than 100 employees. According to them, the bear market also forced the project to delay some developments.

In the second quarter of 2022, the fitness app STEPN profit of $122.5 million from its usage fees.

In September, co-founder Jerry Huang said that the STEPN headquarters will be moved to the Cyberport Business Park in the Southern District of Hong Kong.

Earlier, BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian exchange Mercado Bitcoin announced staff reductions.

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

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