Cryptocurrency investment platform Bake.io's parent company, Cake Group, has announced a 30% staff reduction.

BlockBeats reported on November 14th that Dr. Julian Hosp, CEO of Singaporean cryptocurrency investment platform Bake, announced on his social media platform that the company will be laying off approximately 50 employees and readjusting its team size to around 120 members in order to achieve sustainable "revenue balance". Bake also stated that discussions regarding possible changes in the organizational leadership have been ongoing, but nothing has been confirmed or determined thus far. Hosp himself will continue to serve as the CEO of Cake Group. In the event of a leadership transition, priority will be given to business continuity through handovers and transitional plans.