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Eigen Labs Axes 25% of Staff to Focus on Building EigenCloud
Eigen Labs, backed by $220 million in venture funding, will continue to operate its EigenLayer and EigenDA protocols as part of EigenCloud.
Jul 9, 2025, 9:27 a.m.
What to know:
- Eigen Labs said it laid off 29 employees, 25% of its workforce, as it focuses on developing EigenCloud.
- The dismissals are not due to a cash crunch, but rather a strategic decision to reallocate resources, with departing employees receiving supportive severance packages, the company said.
- Eigen Labs, backed by $220 million in venture funding, will continue to operate its EigenLayer and EigenDA protocols as part of EigenCloud.
Eigen Labs cut its workforce by 25%, losing 29 roles, as CEO Sreeram Kannan said he restructured the company to focus on developing EigenCloud, what he called a “verifiable” alternative to existing, opaque cloud services.
The Seattle-based startup said the dismissals were not a cash-crunch response. The comany is backed by $220 million in venture funding, including a $100 million Series B round led by a16z in February that gave it a $1 billion valuation.
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"As difficult as these changes are, they sharpen our focus as a company and ensure our teams are structured to sustainably pursue a single, ambitious goal: to build the world’s first verifiable cloud platform," Kannan said in a post on X. "We move forward with a tighter strategy, renewed energy, and a team laser-focused on our mission."
EigenLayer, the restaking protocol that underpins the project, and its data-availability sibling EigenDA will remain online as part of EigenCloud, Kannan added in separate post.
Employees leaving company will receive three months of pay, accelerated token vesting, continued health coverage, and help finding new jobs, he said. He also invited other crypto firms to recruit the departing staff, signaling a wish to keep talent inside the ecosystem.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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