RDX Works Reduces Workforce By 15% To Cut Costs

According to Cointelegraph, RDX Works, the team behind the Radix decentralized finance (DeFi) platform, has reduced its workforce by 15% to lower costs. The company officially launched its mainnet in July 2023, providing developer tools for building and running decentralized applications (DApps) and financial services on the blockchain. Piers Ridyard, CEO of RDX Works, confirmed the staff cuts in an Aug. 29 statement to the company’s official Telegram group. He explained that the decision is part of a broader set of changes needed to refocus the company. Ridyard stated, “One of these is also cost cutting. As part of this, we, RDX Works, have taken the difficult decision to reduce total staff by around 15%, which has been done today.” On LinkedIn, approximately 71 people are listed as currently working at RDX Works in various roles, including software engineers, cybersecurity analysts, ambassadors, and designers. Some are listed as freelancers. Ridyard assured that key projects at RDX, such as its test network Cassandra and multifactor account persona control and recovery (MFA), are unlikely to be affected by the changes. However, he acknowledged that there might be some disruptions in familiar faces or points of contact with RDX Works in the short term. He requested patience as the company adjusts, noting that handovers are being managed to ensure smooth transitions. The Radix ecosystem token (XRD) has not been significantly impacted by the news of the staff cuts. CoinGecko data shows that the XRD price has risen by 1% to $0.02352 in the last 24 hours, although it remains down over 96% from its all-time high of $0.6513 on Nov. 14, 2021. The staff layoff follows a newly announced partnership deal. On Aug. 27, RDX announced a strategic development partnership with digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino to introduce flash liquidity to the Radix ecosystem. According to RDX, the goal of flash liquidity is to make any crypto asset, regardless of its native blockchain, liquid and accessible within the ecosystem. In March 2023, the company also laid off 25% of its workforce, focusing primarily on business support teams rather than technical roles. Cointelegraph has contacted RDX Works for comment.