According to Blockworks, Nova Labs shed off roughly 36% of its workforce at the end of August, prioritizing the development of its crypto-based core cellular business.
A former employee at the company approximated Nova Labs to have about 105 employees before the reductions.
Nova Labs focuses on building its Helium Mobile crypto network
Nova Labs Chief Operating Officer Frank Mong revealed that 36% of the company’s employees were cut off in August. He said:
“We experienced tremendous growth in our mobile network business. We saw an opportunity to focus more attention and resources on accelerating the growth of the network and subscriber base, resulting in the need to be more efficient across the board. We appreciate the efforts of all our current and former employees.”
~Frank Mong
Nova Labs has now reduced its workers across multiple departments within the company, including its engineers. According to one of its former employees, the company had over 100 employees before the layoffs.
Some have attributed the layoffs to the company’s decision to focus on its Helium crypto-forward cell phone plans. Currently, the Helium network offers unlimited cell plans for only $20 monthly through T-Mobile, allowing users to connect to the network.
Over the years, the Helium mobile blockchain has expanded to support several networks, including IOT, MOBILE, and ENERGY. Helium is also tied to the crypto token HNT, which is used to pay for data transmission and incentivize users to deploy, maintain, and operate the network, developing into one of the largest worldwide decentralized networks.
Nova Labs partnered with American Bandwith to improve its Helium network
On October 9, 2024, Nova Labs announced its collaboration with American Bandwidth. With this partnership, Nova Labs plans to integrate Ameriband’s network of over 100,000 access points, expanding its coverage footprint across the United States.
Ameriband will also utilize Helium’s network, which provides multiple mobile carriers, including telecom operators and virtual carriers across North America.
The Wi-Fi infrastructure service will be able to offload traffic onto the Helium Network, allowing carriers to enhance their service, alleviate congestion, and cut operational costs, all while ensuring uninterrupted connectivity for their subscribers.
