SpankChain downsizes team by 60% to reduce burn rate, with $3M left in reserves

Ameen Soleimani, CEO of SpankChain, the crypto-powered adult entertainment platform, disclosed in a Reddit thread that he had downsized his team to eight employees from an estimated twenty plus in response to the ongoing crypto bear market. Soleimani also disclosed that the company currently has $3M in reserves, which is made up of $2M in fiat and $1M in crypto. Soleimani said the downsizing will help reduce the company’s monthly burn rate from $200k to $80k, giving SpankChain between 2-3 years in operational runway, according to current crypto price trajectories. (Source: Ameen Soleimani)

Reporting by Isabel Woodford.

The post SpankChain downsizes team by 60% to reduce burn rate, with $3M left in reserves appeared first on The Block.


SpankChain downsizes team by 60% to reduce burn rate, with $3M left in reserves written by Steven Zheng @ https://www.theblockcrypto.com/tiny/spankchain-downsizes-team-by-60-to-reduce-burn-rate-with-3m-left-in-reserves/ November 29, 2018 Steven Zheng

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