Social Media Giant Snap Disbands Web3 Team Amid Mass Layoffs

Snap (SNAP) is disbanding its Web3 team in a move to slash costs in the face of sharply reduced growth. Jake Sheinman, co-founder of Snap’s Web3 team, revealed the social media giant’s plans in a tweet announcing his departure from the company on Thursday. “As a result of the company restructure, decisions were made to sunset our [W]eb3 team,” the tweet read. Sheinman did not immediately respond to CoinDesk’s request for comment.#Web3GrandPappa #togrp7 #mimeXmime

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