Immutable lays off 11% of its staff, hoping to maximize cash reserves and allocate resources to the most important projects

ChainCatcher news, according to the Sydney Morning Herald, the Australian company Immutable (the developer of Immutable X) is conducting a layoff of 11%. Immutable CEO and co-founder James Ferguson stated that the layoffs are due to the need to maximize the duration of cash reserves and allocate resources to the most important projects.

In a notice to employees, James Ferguson mentioned that Immutable earned $27 million in the past fiscal year but spent $83 million. A spokesperson stated that the company has A$280 million in cash on its balance sheet, which can sustain operations for 4 years at the current spending rate. (source link)