Radix developer RDX Works lays off 15% of its workforce to cut costs.

ChainCatcher news, Radix decentralized finance (DeFi) platform developer RDX Works has laid off 15% of its workforce to reduce costs. The company's CEO Piers Ridyard confirmed in a statement made on August 29 in the company's official Telegram group that the layoffs are part of a "refocus" and a "more comprehensive transformation" that needs to take place.

Piers Ridyard stated, "One of those is cost-cutting. As part of the cost-cutting measures, we at RDX Works have made the difficult decision to reduce our total workforce by approximately 15%, and this decision has been completed today."

It is reported that the Radix network officially launched its mainnet in July 2023, providing development tools to build and run decentralized applications (DApps) and financial services on the blockchain.