Investing.com – Major cryptocurrencies dropped on Tuesday morning in Asia, as digital token companies are cutting staff amidst a massive market selloff.

Bitcoin dived 3.1% to $3,462.7 and Ethereum was down 2.3% to $90.6 at 11:30 PM ET (04:30 GMT).

XRP edged up 0.3% to $0.30909, while Litecoin dropped 2.7% to $24.230.

Cryptocurrency companies are laying off more staff to survive a market selloff, the Wall Street Journal reported. Blockchain venture firm ConsenSys plans to cut 13% of its staff, while blockchain-based social network company Steemit slashed 70% of its employees, the WSJ reported.

Bitcoin has dropped nearly 80% to its lowest point this year from $17,172.3 at its peak in January, while Ethereum also slid nearly 90% from January this year. The total cryptocurrency market capitalization took a nosedive of 7 times from the start of the year, according to data from CoinMarketCap.

“As things get real we have to be a lean, business-minded organization,” ConsenSys founder Joseph Lubin told the Wall Street Journal.

On the flip side, global organizations are eager to try their hands in the ledger technology to solve global challenges. UNICEF, the United Nations’ arm for children, announced a $100,000 investment in six blockchain startups to deliver open-source prototypes of blockchain applications within a year.

“Blockchain technology is still at an early stage – and there is a great deal of experimentation, failure, and learning ahead of us as we see how, and where, we can use this technology to create a better world,” said UNICEF Innovation Principal Adviser Chris Fabian.

Elsewhere, Alberta, Canada launched the country’s first city digital currency, Calgary Digital Dollars, last Friday with an aim to bolster small businesses and non-profit organizations in the city. The token is used in a mobile app that lists the companies that joined the program, according to Global News.

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