ConsenSys, a company that creates MetaMask and Ethereum, fires 97 people overall, or 11% of its global workforce.
The sources state that the layoffs are primarily affecting people in support roles, whose workloads have decreased as a result of the recent market downturn.
ConsenSys, a software company with a focus on Ethereum best known for creating the MetaMask wallet, is one of the most recent cryptocurrency businesses to slash the size of its personnel. Joseph Lubin, the company's creator, said on his blog on Wednesday that 97 workers, or 11% of the overall workforce, will be let go.
The layoffs, according to the reports, are concentrated on individuals who work in support positions, whose workloads have fallen as a result of the recent market slump. They do not target any staff who work directly on the products themselves. According to the official release, leaving employees of ConsenSys will also receive an extended option exercise window that will last between 12 and 36 months, as well as sizeable severance pay based on their duration of service. According to the official release, further benefits include personalised support from an outside placement agency and the expansion of healthcare coverage in appropriate counties.
According to a comment from Lubin, we must now decide to streamline certain of ConsenSys' teams in order to respond to the hard and unpredictably changing market conditions. A total of 97 individuals, or 11% of ConsenSys' employment, will be impacted by this choice.
According to Lubin, the collapse of a hype cycle and, in particular, the so-called "CeFi" (centralised finance) enterprises is to blame for the troubles of the cryptocurrency sector. Additionally, Lubin believes that the businesses functioning under the façade of cryptocurrencies lack the fundamental principles of decentralisation and how they should be run. Lubin says that companies like Voyager and Celsius chased profits in an unwise manner, frequently alienating their consumers in the process, which ultimately contributed to their downfall. He is commenting about the recent failures of the centralised exchanges.
ConsenSys is one of the numerous crypto companies that have been forced to lay off people as a result of the grinding bear market that has been impacting the industry since April. ConsenSys is now headquartered in New York City and has about 900 employees. Until recently, the bitcoin industry has lost an estimated 27,000 jobs.
