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Vietnam’s Sky Mavis to Reduce Workforce by 21% for Future Growth
Strategic Decision for Growth
Vietnam’s prominent blockchain game developer, Sky Mavis, has announced a significant workforce reduction of 21%, citing this move as a strategic decision to enhance growth opportunities in the upcoming years.
Focus on Main Goals
Co-founder Nguyen Thanh Trung emphasized that the layoff does not reflect the company’s current business performance but is intended to streamline operations and concentrate on achieving growth targets beyond 2025.
Support for Affected Employees
While specific departments affected by the downsizing were not specified, Sky Mavis assured that the impacted employees would receive severance packages and aid in seeking new employment opportunities. With approximately 250 employees worldwide, the majority based in Ho Chi Minh City, the company aims to navigate recent global policy changes affecting the cryptocurrency industry.
Emphasis on Ronin Development
In response to anticipated shifts in the cryptocurrency landscape, Sky Mavis plans to prioritize the development of Ronin, a blockchain platform facilitating game creation. The value of Ronin has surged by 15% following Bitcoin’s recent rebound towards $100,000, positioning it as a significant asset for the company.
Company Background
Established in 2018 by Trung and four collaborators, Sky Mavis achieved unicorn status, boasting a billion-dollar valuation. Notably, its blockchain game, Axie Infinity, gained popularity during the Covid-19 pandemic, enabling players to earn income through gameplay. Despite a major security breach in 2022 resulting in a theft of over $600 million from the Ronin network, the platform persists as one of the world’s top three blockchains with 1.1 million daily active addresses and over 10 million Ronin wallet downloads.
The evolution of Sky Mavis highlights the resilience and adaptability of the company within the ever-changing cryptocurrency landscape, positioning it for continued success and innovation in the industry.
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