Qredo laid off about 50 people to save about 35% of annual expenses. Senior executives such as CPO and CISO were laid off.

Odaily Planet Daily News According to people familiar with the matter, encryption infrastructure provider Qredo has significantly laid off employees, laying off about 50 people, including senior executives such as Qredo Chief Product Officer (CPO) Gabriele Farei and Chief Information Security Officer (CISO) Asen Taskov. People familiar with the matter said that Qredo's layoffs will save the company's annual expenses by about 35%, and the adjusted number of employees will be about 130. A Qredo spokesman confirmed the layoffs but declined to comment on specific details. A Qredo spokesperson said: “As the cryptocurrency winter continues, Qredo will resize and focus on its core protocol and Web3 hosting business.” (The Block)