HTC Confirms Staff Cuts to Better Focus on Blockchain Phone, AI

Taiwanese phone producer HTC affirmed recently that it would lay off staff to stay competitive and better concentrate on a bunch of top of the line products, including the EXODUS, its blockchain smartphone.

HTC, which has roughly 3,000 staff, has not revealed the size of the lay-offs or the divisions that will be generally affected, as indicated by a report from Taiwan News. This will be the third round of job cuts at the phone producer have witnessed in the previous five years. The organization let go of 2,250 staff in 2015 and cut an additional 1,500 in July last year.

HTC states the scale down will enable it to keep an innovative edge for some of its products. This includes EXODUS, as well as its virtual reality system VIVE.

First revealed in May last year, HTC’s EXODUS phones can connect with decentralized systems and enable clients to download and run decentralized applications similarly as common applications run on smartphones. The phone additionally acts as a hardware wallet, giving owners safe and mobile methods to hold their digital currencies.

An in-wallet digital currency swap feature, at first allowing quick exchanges between ERC-20 tokens, was included recently.

The EXODUS went on sale toward the end of 2018 and was at first just accessible to purchase digital currency. HTC’s most recent blockchain-powered phone, revealed this October, can run a full bitcoin node. Tentative arrangements incorporate including support for Binance Chain, with another special version of the phone.

The EXODUS isn’t the only blockchain phone available on the market. Sirin Labs additionally started shipping its own blockchain phone, the Finney, toward the finish of 2018. Samsung unveiled its Galaxy S10 earlier this year, which is completely compatible with ERC-20s, dapps, and bitcoin. There have also been reports that LG is thinking about releasing its very own product, albeit nothing has been confirmed.

In general, rivalry in the smartphone space, from prominent rivals like Samsung and Apple, along with new participants like Google, has hit HTC’s market share and may have set the organization under significant financial tension. Income is apparently down, with July sales just coming to $1.5 million, as indicated by Liberty Times.