Smart contract auditing firm Hosho cuts staff due to rise of automated tools and ICO slowdown
Smart contract auditing firm Hosho has laid off a significant number of employees, citing an increased amount of automated tools, the firm’s co-founder and chairman Hartej Sawhney told Cointelegraph Feb.
While stating that the company has laid off a sufficient portion of the staff – the exact amount was not specified – Sawhney still noted that Hosho continues to be one of the leading companies in the smart contract auditing and security industry, specifically in penetration testing.
Hosho’s president explained that the staff reduction was caused by a complex set of circumstances, including the drop in the value of initial coin offerings (ICO), which is in part due to the big crypto market bear of 2018.
Smart contract auditing
cuts staff due to rise of automated tools and ICO slowdown
Speaking to Cointelegraph, Sawhney emphasized the fact that Hosho has been actively increasing scales of automated tool deployments, while at the same time seeing a much smaller number of smart contract audits. In this context, a large number of engineers for audit work has become unnecessary, Sawhney said, emphasizing that the main objective now is to keep the company running.
Sawhney noted that Hosho aims to figure out the perfect number of employees to keep at the company, while maintaining and developing the pace of work, as well as its brand and level of audit reporting.
With that, Sawhney revealed that Hosho is planning to expand its presence from the already explored markets of North America and Europe to the Southeast Asia market, looking to employ new representatives.
firm HoshoSmart contract auditing firm Hosho
staff due to rise of automated tools and ICO slowdown
The crypto bear market of 2018 caused a wave of layoffs in the crypto and blockchain sector. In late 2018, Cointelegraph reported on alleged layoffs at major blockchain software firm ConsenSys, with sources familiar with the matter claiming that the amount of staff expected to be laid off is between 50 and 60 percent of the entire 1,200-strong staff.
However, the company ended up stating that recent layoffs did not exceed 13% of staff.
Yesterday, January 31, major Canadian crypto exchange Coinsquare reportedly laid off nearly 30% of its employees, including its chief financial officer (CFO) and chief operating officer (COO).
In early January, Swiss crypto exchange ShapeShift laid off a third of its staff, as revealed by exchange chairman Erik Voorhees.
cutsSmart contract auditing firm Hosho cuts staff due to rise of automated tools and ICO slowdown
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