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Nodal Labs struggle to pay contracted staff even after £250m deal with Minstrell

London based blockchain startup Nodal Labs failed to pay contracted staff and agency workers for third straight month even af
London based blockchain startup Nodal Labs failed to pay contracted staff and agency workers for third straight month even after a £250m deal with Minstrell

According to an Altfi report, London based crypto startup Nodal Labs failed to pay contracted staff and agency workers for a third straight month. Earlier this year it was reported that Nodal lab had signed up a deal worth £250 million with UK recruiter Minstrell Recruitment in order to provide for the infrastructure that brings together currently siloed systems related to its recruitment and HR.

In 2017 Minstrell had a total turnover of less than £30m in 2017. After the collaboration, it was reported that the company had hired more employees for its London office and also hired a team of professional developers, who lived overseas. Since then, the company has let go many of its employees.

The Nodal labs focused on a two-way market place. It planed to place temporary workers in the creative industry and use blockchain technology to facilitate their contracts and payments. Nodal expanded the project after collaborating with Minstrell. It also included talent sourcing and management on behalf of third-party recruiters.

Minstrell is one of the leading recruitment companies in the UK. The company collaborated with Nodal to expand its services and to speed up and simplify the recruitment process.

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