The Near Foundation Declares a 40% Workforce Reduction, Impacting 35 Employees

In a recent update, the NEAR Foundation has disclosed its decision to undergo a significant restructuring, aimed at streamlining its operations and enhancing its effectiveness in advancing the vision of an Open Web. The announcement was made through a blog post on the NEAR Foundation’s official website, outlining the reasons behind the move and its implications for the organization’s workforce.

The NEAR Foundation, known for its commitment to empowering individuals with control over their data, privacy, and governance, has been instrumental in the progress of the NEAR Protocol. In 2023, the protocol achieved significant milestones, hosting three of the top ten apps in Web3, attracting a record number of daily users, and fostering increased collaboration with the Ethereum community.

The decision to restructure comes following a comprehensive review conducted by the NEAR Foundation Council (NFC). The review highlighted areas where the Foundation could improve its efficiency, citing instances of moving too slowly and attempting to undertake too many initiatives simultaneously. As a response to this assessment, the NEAR Foundation has opted to consolidate its core team, focusing on a more targeted and high-impact set of activities.

As part of the realignment strategy, the NEAR Foundation will reduce its team by approximately 40%, affecting 35 employees primarily in the marketing, business development, and community teams. Notably, the NEAR Protocol Engineering Team at Pagoda will continue its operations unaffected by the restructuring.

In the official statement, the NEAR Foundation expressed gratitude to the departing colleagues for their contributions and efforts towards the shared vision of the Open Web. The Foundation has committed to supporting affected employees during this transition, assisting them in finding new opportunities within the NEAR ecosystem, the broader Web3 industry, and beyond.

Financially, the NEAR Foundation asserts its stability, with a robust treasury exceeding $285 million in fiat currency, 305 million NEAR tokens valued at over $1 billion, and an additional $70 million in investments and loans. This financial strength positions the Foundation well to continue supporting the growth, development, and decentralization of the NEAR Protocol and its ecosystem.

Source: Coingecko

As of the current moment, the NEAR coin has surged by 13.4%, with a trading value of 3.62 USD per coin. Over the past 30 days, it has seen a remarkable increase of 55%, based on data from Coingecko.

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