Cryptocurrency companies are laying off employees in an effort to survive the nascent market’s biggest selloff to date, the Wall Street Journal reported. Blockchain venture firm ConsenSys said Thursday that it would cut 13 percent of its staff, days after announcing an overhaul of its business model. Steemit, a firm that runs a blockchain-based social network, last week laid off 70 percent of it staff, citing the crypto selloff. A number of smaller firms that raised money during the manic 2017 cryptocurrency rally have retrenched sharply or quietly closed.
