Ethereum development company and MetaMask creator, ConsenSys, layoffs a total of 97 employees 11% of the work force globally.
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 those who work in support roles, whose workloads have decreased as a result of the recent market slowdown.
They do not target any employees 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 personalized support from an outside placement agency and the expansion of healthcare coverage in appropriate counties. According to a quotation from Lubin:
“Today we need to make the extremely difficult decision to streamline some of ConsenSys’ teams to adjust to challenging and uncertain market conditions. This decision will impact a total of 97 employees, which represents 11% of ConsenSys’ total workforce.”
Lubin Puts Blame On CeFi
According to Lubin, the collapse of a hype cycle and, in particular, the so-called “CeFi” (centralized 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 decentralization and how they should be run.
Lubin claims that companies like Voyager and Celsius pursued profits in an unwise manner, frequently alienating their customers in the process, which ultimately led to their demise.
He is speaking about the recent failures of the centralized exchanges. ConsenSys is one of the many crypto companies that have been forced to lay off staff as a result of the grinding bear market that has been affecting the industry since April.
ConsenSys is currently headquartered in New York City and has about 900 employees. Until recently, the bitcoin industry has lost an estimated 27,000 jobs.
