Hasbro Lays Off 20% of Workforce to Focus on Cryptocurrency
Hasbro has fallen on hard times with soft toy sales this year and employee headcounts high. Instead of focusing on making better toys that more kids like, or even improving its marketing efforts and advertising campaigns, the company decided to spend more time playing with the toys it can't sell and remove some of the people that might want to play with them too. After some corporate “me time”, Hasbro decided to use its remaining cash to create a blockchain-based cryptocurrency for kids, called KidCrypto, and create a means of financial exchange across the entire Hasbro toy and gaming empire. Children can trade their Hasbro toys with other kids using KidCrypto. They can buy in-game assets with KidCrypto. Hasbro games and toys can be purchased using Kid Crypto. Kids can also place bets on Hasbro game outcomes using KidCrypto. Using Hasbro mobile and web applications, children can create their own digital wallets on their tablets and phones, manage their My Little Pony and Monopoly branded mining rigs to “mine” more KidCrypto, keep their currency on the Hasbro digital wallet service, and even trade for different digital currencies and fiat money on the Hasbro Crypto Exchange. The US Security and Exchange Commission and Commodities Futures Trading Commission have issued warnings to parents since Hasbro has no experience in the world of cryptocurrency or exchanges. Bitcoin and Ethereum values dropped more than 75% on the news. Then both went up 125% after a few minutes. Bitcoin dropped the next day by 45%. Ethereum went up again by 38%.