Yuga Labs, a key player in the cryptocurrency industry, is undergoing significant restructuring, which includes laying off some team members. Greg Solano, the co-founder and CEO of the company, shared this news in a recent company memo. Solano described the decision as difficult but necessary to refocus the company’s direction towards a more streamlined and cryptocurrency-focused team.
The restructuring aims to make Yuga Labs a more agile organization, capable of quickly adapting to the fast-paced changes in the crypto world. This move follows some recent strategic changes, including focusing on developing the Otherside gaming metaverse, which represents a significant part of the company’s future.
Solano, who took over as CEO on February 21 following the departure of former CEO Daniel Alegre, expressed renewed enthusiasm for leading the company’s next phase. His leadership marks a pivotal shift as Yuga Labs strives to innovate within the web3 gaming sphere.
As part of its strategic overhaul, Yuga Labs has begun implementing some of its planned changes. The company’s collaboration with Farawaygg, a web3 game development firm, is central to these plans. Yuga Labs’ partnership with Farawaygg, which has recently acquired web3 games HV-MTL and Legends of the Mara, is instrumental in their focus on creating 3D games for Otherside.
This restructuring announcement follows a previous decision made in October 2023, when Yuga Labs reduced its U.S. team’s size as part of a broader strategy to concentrate resources on critical projects like Otherside. This approach reflects Yuga Labs’ commitment to maintaining its position at the forefront of the cryptocurrency and gaming industries.