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ConsenSys lays off 11% of its staff

Because of the ongoing uncertainty in the crypto market, many companies have to lay off workers.

By Finst News
• 3 min read
ConsenSys lays off 11% of its staff

With the crypto market remaining uncertain, a lot of companies have to lay off workers. Now ConsenSys is planning to downsize its staff as well.

The parent company of MetaMask, ConsenSys, plans to lay off about 11 percent of its staff. That's roughly 96 employees. Joseph Lubin, CEO of ConsenSys, explains in a blogpost that "bad behavior" by centralized financial players has cast a wide veil over the ecosystem. Which is undoubtedly a swipe at the FTX collapse and Sam Bankman-Fried.

Challenges are needed for a decentralized future

It's true that the company's core products have struggled through several funding rounds. According to Lubin, the "decentralized future" cannot be reached "without challenges." The employees who are leaving now will receive "extensive support and generous compensation," the company says. In the future, ConsenSys wants to "offer new innovative products" to succeed in Web3.

The crypto sector was hit by a wave of layoffs in the summer of 2022. As a result of the FTX collapse, Coinbase and Huobi recently had to endure another round of layoffs. Only the largest crypto exchange Binance is responding positively to the crypto winter and plans to hire about 2,400 new employees in 2023.

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