Yuga Labs restructures company, cuts roles to focus on smaller crypto-native team

The web3 giant Yuga Labs is restructuring the firm, which required cutting some team members Friday. 

Yuga Labs co-founder Greg Solano, who took over as the company's CEO in February, published the company memo announcing the restructuring on social media. 

"Really tough day today," Solano said regarding the restructuring announcement. "I am hellbent on transforming Yuga and getting us back to our roots, and that means making hard decisions. By far the hardest is saying goodbye to some talented team members."

In the note, Solano said Yuga Labs “lost its way” and will focus on building “a smaller, more agile and crypto-native team.”

“I’ve had to take real stock of where the company is at while at the helm these last two months,” Solano said. “The creative-first spirit that dove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”

Solana noted some of the company’s plans had started to roll out. Yuga's CEO said that Farawaygg, a web3 game development firm that Yuga used to develop its game Dookey Dash, which had recently acquired web3 games HV-MTL and Legends of the Mara, will let Yuga focus on 3D Otherside game development efforts. "Other aspects of the plan will be announced soon," Solano continued.

Yuga Labs' plan for company restructuring comes hours after media veteran Won Kim joined the firm as its head of brand partnerships. Before joining Yuga, Kim founded a consulting agency and NFT fund called Bored Room Ventures and had previously led efforts at FiveStone, South China Morning Post, Digg, ESPN and other firms.

Yuga Labs did not immediately respond to The Block's request for comment about the company restructuring.