The company behind an ambitious attempt to build a “Blockchain City” in the Nevada desert has laid off a tenth of its employees, according to a company statement. Two years in, the company, Blockchains, LLC, has yet to break ground on the city and is focusing its attention on the development of a “suite of Web3 products and tools.”
Known for its flashy billboards and enigmatic ad campaign, Blockchains capped a year of blockchain hype after its millionaire CEO, Jeffrey Berns, purchased 67,000 acres of undeveloped land near Reno for $170 million in late 2018. The intention, per the New York Times, was to use the technology to undergird a local infrastructure that would be based around digital currency and be free from invasive privacy practices.
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