SpankChain team down 60% from peak as firm tries to reduce burn
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.
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. Soleimani clarified on Twitter that while SpankChain peaked at around 20 people, many were short-term contractors and project workers and, "We've been a 12 person team for the last 6 months." 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.
AUTHOR
Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
See More
