BlockTv, an Israeli-based blockchain and cryptocurrency video content media, has reduced its workforce by almost 80%. The company reportedly ended its contract with all but 5 of its employees as a result of the ongoing Coronavirus pandemic.
BlockTv Layoff 18 Employees
Owned by controversial Israeli businessman Moshe Hogeg, BlockTv has been providing crypto-related video content since it was founded in 2018. The company was seemingly performing well with 23 staffers until the recent Covid-19 outbreak that is affecting all economic sectors across the world.
Reports from local media revealed that the company laid off 18 employees from its workforce and terminated its contract with freelance workers. This unfortunate development now leaves the outlet with a limited team of just the CEO, producer, director, commercial director, and a reporter.
According to the local report, BlockTV said the move is a result of the effect of the Coronavirus epidemic, which has affected the Israeli economy. The five-person team will continue producing content for the platform.
“We are in a limited format. The site continues to produce content.” – The company stated.
BLTV Trading Remains Unchanged
Last year, the platform launched its cryptocurrency dubbed BLTV and planned to raise as much as $2 million via a token listing on Bittrex Global exchange. BLTV is an ERC-20 token on Ethereum that is designed to power a new token economy for content creators, advertisers, and consumers.
Despite the massive downsizing and the challenges surrounding BlockTv, the company is still very optimistic, noting that the trading of its BLTV token will not be affected.
If the novel Coronavirus continues to spread, more firms in the crypto industry might be forced to trim down the size of their organization.
This is not the first time cryptocurrency projects will be laying off a substantial percentage of their workforce. Back in 2018, during the bear market – the “crypto winter,” blockchain companies were forced to reduce the size of their human resources.
At that time, Steemit laid off 79% percent of its staff while Bitmain, one of the leading mining companies, shut down its blockchain development center in Israel, leaving 23 people unemployed.