BlockTV, a blockchain and crypto-focused televised media owned by Israeli blockchain entrepreneur Moshe Hogeg, has been forced to dismiss almost all of its workers as a result of the novel coronavirus pandemic.
Prior to the announcement, BlockTV worked with 23 full-time staff, but the company has laid off 18 employees, which is almost 80% of its total workforce. The firm also terminated its contract with freelance workers, according to a report on Monday by local news outlet, TheMarker.
While explaining the reason behind the development, BlockTV said in the report that it was due to a downturn that emanated from the Coronavirus outbreak, which has also affected the entire economy of the country it is based, Israel.
“The situation has unfortunately also affected the blockchain industry and we in particular. We have had to reduce and operate in a limited format in the current period. The site continues to produce content and be active,” the company said.
BlockTV Will Work With Just 5 Staff
BlockTV is now left with only five employees which include the director, commercial director, producer, reporter, and CEO. The company assured that the remaining staff would continue to produce cryptocurrency and blockchain content for the site.
Despite dismissing 80% of its workforce, BlockTV further revealed that the trading of BLTV, its native token built on the ethereum blockchain, will not be affected by the downsizing.
The company launched the token last year as part of its effort to raise $2 million via listing on the leading crypto exchange, Bittrex Global. The token listing was reportedly managed by Alignment Media, which is also owned by the blockchain entrepreneur, Hogeg.
Bank Shutdown Amid Coronavirus
Crypto companies are not the only organization affected by the Coronavirus pandemic. Recently, an American bank holding company called Capital One had to close down entirely in response to the COVID-19. The decision was made after one of their employees tested positive for the virus.