Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- The reduction amounted to slightly more than 17 percent of the company’s total workforce.
- Community Gaming’s user base has more than doubled over the past year.
Web3 esports tournament platform Community Gaming announced on Friday that it had laid off 17 employees. The Esports Advocate was the first to report the story. The number of layoffs represented slightly more than 17 percent of the company’s total workforce.
Community Gaming CEO Chris Gonsalves stated that the decision was driven by widespread challenges within the competitive gaming sector, which have led to layoffs at other firms and teams in recent months.
Restructuring Goals
Investors in Community Gaming’s $16 million Series A fundraising round, which closed in April 2022 at the height of the crypto bull market, included Softbank, Binance Labs, ConsenSys Mesh, Bitkraft, Polygon Labs (formerly Polygon Studios), and Animoca Brands.
Related Posts
The CEO commented:
“With the economic downturn in the esports industry, we’ve had to restructure our goals in order to have a stronger future, which came with some roles being eliminated. We appreciate the contributions of all our employees and will support them as they continue to be innovators in the space.”
According to Gonsalves, Community Gaming’s user base has grown from approximately 100,000 in April 2022 to 250,000 currently, more than doubling in the last year. He noted that more than 21,000 gamers participated in at least one event last month, with over 600 of those tournaments hosted by Community Gaming.
Gonsalves founded Community Gaming because he identified an issue with the speed of payouts to winners in esports and wanted to solve this problem using cryptocurrency. Payouts in esports events can be complex, often requiring multiple parties and additional time and money.
Recommended For You:
Gaming Platform Roblox Introduces New Category of Digital Items
