Blockchain platform Chia Network has cut more than a third of its workforce as the firm looks to reestablish a lost banking relationship.
The layoffs come as another clog in the wheel of Chia’s bid to list as public company.
The open-source software business informed 26 of its 70 employees today that their jobs were ending.
Five months earlier, Chia had its bid to go public derailed by the collapse of then banking giant, Credit Suisse.
Chia was founded by BitTorrent inventor Bram Cohen and had filed with the Securities and Exchange Commission (SEC) to start its process to go public five months ago.
The crypto company is also looking to sell from its 21 million stockpile of its own token, XCH, which represents almost three quarters of the supply of those coins, with nearly 9 million in current circulation.