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STEPN, the move-to-earn fitness application, which is based on the Solana blockchain has made an announcement reportedly denying claims of layoffs.

It was claimed that STEPN was planning to lay off employees in light of the crypto market downturn. The sources claimed that STEPN was considering laying off around 100 employees.

As per the claims, it was going to be the contract workers that STEPN had considered laying off due to the bearish cryptocurrency market.

The sources even claimed that STEPN was also going to lay off the ambassadors and moderators it had employed. It even revealed that as it continues to lay off ambassadors and moderators, its investments would be scaled back.

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STEPN to Promote Parent Company

It was also claimed that while STEPN does it, it would start promoting Find Satoshi Lab (FSL), which is STEPN’s parent company. In addition to the parent company, STEPN would also focus on new projects.

STEPN has Denied Such Claims

While the sources continue to claim STEPN’s upcoming agendas, one of the representatives from STEPN has denied all of them.

The ambassador has claimed that whoever is spreading such rumors is doing it with aim of causing fear and panic among the crypto community.

As per the representative, their company is planning to lay off no employees. Instead, they are planning to do exactly the same and have remained very clear and transparent about their intentions.

The representative also stated that they have formed a strong bond with their community that is based on trust and transparency. Their community knows what they are up to and that is what matters the most to them.

The representative stated that as the crypto market is in bearish territory, someone is trying to use it as an opportunity to create turmoil within the community.

Therefore, they feel it is their responsibility to clear out any false claims and rumors by addressing them head-on.

STEPN is Hiring

The STEPN representative went on to claim that their platform is not firing employees but doing the exact opposite. They are actively involved in hiring activities and the process is ongoing for multiple roles.

Their ultimate goal is to evolve, grow, and build a strong empire that is fully connected with the community.

Performance of STEPN

STEPN is known for issuing the Green Metaverse Token (GMT) which is the governance token on the company’s ecosystem. Apart from the GMT, STEPN also offers Green Satoshi Tokens (GST).

The users can earn the GSTs by actively walking or moving on a daily basis. They earn the GSTs from the rewards program put in place by STEPN.

It was back in April of 2022 when GMT hit an all-time high of $4.11 and the GST had hit an all-time high of $8.51 in the same month.

However, the value of the tokens is now $0.61 and $0.026, which is after witnessing 85% and 99% declines.

As STEPN aims to progress and introduce more projects in the future, it hopes that the values of the GMT and GST tokens would increase significantly.

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Mark Ackman

By Mark Ackman

Mark Ackman is an experienced news writer and analyst with a knack for uncovering the heart of a story. His articles are insightful, informative, and well-researched, providing readers with a nuanced understanding of complex issues.