TreasureDAO to Drastically Reduce Quarterly Spending Due to Financial Difficulties
JH Kim
Summary
- TreasureDAO announced that it will drastically reduce its quarterly spending from $11.3 million to $1.2 million.
- TreasureDAO stated that its spending in the fourth quarter of last year was $11.3 million, but its revenue was only $40,000.
- TreasureDAO reported that with the current funds, it can only operate until July.
Blockchain gaming platform TreasureDAO (MAGIC) announced that it will significantly cut its spending, reducing quarterly expenses from $11.3 million to $1.2 million.
According to Blockworks, a cryptocurrency-focused media outlet, as of the fourth quarter of last year, TreasureDAO's quarterly spending reached $11.3 million, but its revenue was only $40,000.
It is explained that with the current funds, the platform can only operate until July this year.
Meanwhile, TreasureDAO has recently implemented workforce reductions, including executives, and canceled game distribution plans.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.