ConsenSys Joins Crypto Layoffs with 11% Workforce Cut
ConsenSys,
a cryptocurrency software company, has confirmed its plans to cut 11% of its
current workforce, which translates to almost 100 positions. Joseph Lubin, the CEO
of the company, announced the planned changes on Wednesday.
The
collapse of Terra in May and FTX in November caused the entire crypto ecosystem
to suffer, affecting many cryptocurrency firms, including ConsenSys. Now, the
company wants to focus on its core business, cut operating costs and
increase efficiency.
“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 96 employees, which represents 11% of ConsenSys’ total
workforce. We are extremely grateful for their contributions and the work
they’ve accomplished. Each of the impacted employees will be notified today by
their manager,” Lubin commented in a letter published on the company’s
blog.
The New
York company is the leading investor behind popular Ethereum -based platforms,
including the popular MetaMask cryptocurrency wallet. In the coming months, it
wants to focus mainly on the development and maintenance of MetaMask and
Infuras’ developer platforms.
“We
will also pursue innovative new offerings to empower developers and creators to
thrive in web3, grow web3 commerce and DAO communities, and amplify the
decentralized identity and verifiable credentials ecosystems,” Lubin
added.
Watch the recent FMLS22 session on Forex and crypto trends in 2023.
A wave of
Layoffs at Crypto Companies
Although Bitcoin
has been doing surprisingly well at the start of 2023, the last year proved to be
challenging for exchanges and cryptocurrency technology companies. Substantial
declines in the valuation of major assets, combined with the high-profile
bankruptcies of FTX and Terra, have triggered declining revenues and the need
to cut costs.
Last week, Coinbase
announced the layoff of 20% or about 950 people. The move is part of a
restructuring strategy to be implemented by the end of the second quarter and
will cost the company about $150 million.
Huobi,
another popular cryptocurrency exchange, wants to cut its workforce by
20%. In the face of the current bear market, the platform intends to maintain
“a very lean team.”
Meanwhile,
the Kraken digital assets exchange announced job cuts of more than 30% in November. Some 1,100
full-time positions are being cut “to adapt to current market
conditions.”
In an
interview with Finance Magnates, Dr Christopher Smithmyer, an Adjunct
Professor at Doane University, a private university in Nebraska, blamed the
crypto companies for not preparing for the bear market properly. He believes
that crypto winter is a great way to assess particular platforms’ real strengths
and show which are the weakest.
ConsenSys,
a cryptocurrency software company, has confirmed its plans to cut 11% of its
current workforce, which translates to almost 100 positions. Joseph Lubin, the CEO
of the company, announced the planned changes on Wednesday.
The
collapse of Terra in May and FTX in November caused the entire crypto ecosystem
to suffer, affecting many cryptocurrency firms, including ConsenSys. Now, the
company wants to focus on its core business, cut operating costs and
increase efficiency.
“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 96 employees, which represents 11% of ConsenSys’ total
workforce. We are extremely grateful for their contributions and the work
they’ve accomplished. Each of the impacted employees will be notified today by
their manager,” Lubin commented in a letter published on the company’s
blog.
The New
York company is the leading investor behind popular Ethereum -based platforms,
including the popular MetaMask cryptocurrency wallet. In the coming months, it
wants to focus mainly on the development and maintenance of MetaMask and
Infuras’ developer platforms.
“We
will also pursue innovative new offerings to empower developers and creators to
thrive in web3, grow web3 commerce and DAO communities, and amplify the
decentralized identity and verifiable credentials ecosystems,” Lubin
added.
Watch the recent FMLS22 session on Forex and crypto trends in 2023.
A wave of
Layoffs at Crypto Companies
Although Bitcoin
has been doing surprisingly well at the start of 2023, the last year proved to be
challenging for exchanges and cryptocurrency technology companies. Substantial
declines in the valuation of major assets, combined with the high-profile
bankruptcies of FTX and Terra, have triggered declining revenues and the need
to cut costs.
Last week, Coinbase
announced the layoff of 20% or about 950 people. The move is part of a
restructuring strategy to be implemented by the end of the second quarter and
will cost the company about $150 million.
Huobi,
another popular cryptocurrency exchange, wants to cut its workforce by
20%. In the face of the current bear market, the platform intends to maintain
“a very lean team.”
Meanwhile,
the Kraken digital assets exchange announced job cuts of more than 30% in November. Some 1,100
full-time positions are being cut “to adapt to current market
conditions.”
In an
interview with Finance Magnates, Dr Christopher Smithmyer, an Adjunct
Professor at Doane University, a private university in Nebraska, blamed the
crypto companies for not preparing for the bear market properly. He believes
that crypto winter is a great way to assess particular platforms’ real strengths
and show which are the weakest.
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