Hosho, one of the leading companies in the sphere of smart contract auditing, has laid off 80% of its staff. According to the firm’s co-founder and president Hartej Sawhney, such radical measures were taken due to the implementation of automated tools and the general decline in the number of ICOs in the cryptocurrency market, as reported by Cointelegraph.
Sawhney, nevertheless, noted that despite this staff downsizing, Hosho remains one of the leaders in smart contract auditing and penetration testing.
The company management is now to figure out the optimal number of employees needed, while maintaining its general output in terms of audit reports and brand promotion.
Sawhney also revealed his company’s plans for expanding into South-East Asia, given its current presence on North American and European markets.
Last month, ShapeShift CEO Erik Voorhees announced large-scale layoffs in his company with 37 persons leaving the team. He justified this step by the consequences of the ongoing crypto winter.
Another 150 persons were fired by blockchain software developer ConsenSys in December 2018. The continuing cryptocurrency market downfall was again named as the official reason for this move.