ICO Downturn Leads To New LayOffs: Hosho Reduces Staff By 80%

Hosho is a smart contracts auditing firm which reportedly laid off about 80 percent of its staff due to an increased amount of automating tooling according to the statement of the co-founder of the company Hartej Sawhney which we are covering in our crypto news below.

Sawhney pointed out that despite Hosho reducing its staff by a significant proportion, the company will still continue to strive and to be the leading smart contract auditing firm in the industry. The president of the company explained that the reduction of staff was a result of a ‘’complex set of circumstances’’ including the downturn in Initial coin offerings which is a consequence of the prolonged bear market.

Hosho has actively increased the scales of automated tooling implementation but at the same time experienced a low number of smart contracts audits. The auditing work has become unnecessary and Sawhney made clear that the main goal is to keep the company up and working.

He continued further by claiming that Hosho will try to figure out the right number of employees that should be still working in the company and it will try and maintain the momentum of the work as well as the level of audit reports.

With that being said, Sawhney said that Hosho is planning to expand in the near future from Europe and North America all the way to Southeast Asia and will look to also employ new ambassadors.

The prolonged crypto bear market has caused a massive number in layoffs in the crypto industry. The blockchain software firm ConsenSys had a similar issue and was doomed to fire around 60 percent of its staff. Also, the Canadian crypto exchange Coinsqare also laid off about 30 percent of its staff including the chief financial officer.