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Earlier this year, HTC announced the development of the world’s first blockchain-powered smartphone dubbed Exodus.

Just a few days ago, the giant Tapei-based smartphone manufacturer announced that it would be laying off 1,500 employees in an attempt to streamline its operations, as reported by Forbes.

The good news is that even though the tech giant is laying off nearly 25% of its entire global workforce, the development of the Exodus smartphone will continue unharmed, as stated by one of the company’s spokespersons exclusively for CCN.

“Today’s reduction in manufacturing workforce announced by HTC is a decisive step in the realignment of resources across the organization and will allow more flexible operations management. The Company will offer full assistance to those employees affected by the plan, which will be completed by the end of September. HTC continues to review its operations to ensure production resources align with key strategic initiatives so that the Company can more effectively compete in its target markets while maintaining its innovative edge.”

Some of HTC’s best minds are on the project

The development project will be led by Phil Chen, HTC’s Chief Decentralized Officer. Chen is mostly known for his valuable involvement in developing one of HTC’s most successful products, the Vine virtual reality headset line.

Even though there are not many details regarding specifications, we know that the smartphone will be designed from the ground up to support dApps, decentralized applications. Additionally, the smartphone is said to feature a native, universal, and secure cryptocurrency wallet, as reported by Coindoo earlier this year.

Not the best of times for HTC, but the future does look good

This massive round of layoffs is probably the result of HTC struggling to keep afloat on a market that’s dominated by Apple, Samsung, and some other Asian companies. According to Reuters, the company is reported to have yearly revenue decrease of somewhere over 50%.

Without a doubt, Exodus is a massive project for HTC and could very well be the company’s salvation if things go as planned. However, it will be interesting to see how HTC’s blockchain business will evolve, especially considering that the competition is bound to follow in its footsteps.

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