ConsenSys Lays Off 11% of Workforce Amid ‘Uncertain Market Conditions’

CEO Joseph Lubin said that the current uncertainty in the market hasn’t been “greater over the last few decades.”

A sad fired bunny sitting on the edge of a cliff during a storm.
  • ConsenSys has laid off 96 employees.
  • CEO Joseph Lubin said that cutting jobs was “difficult” but necessary to adjust to “challenging and uncertain market conditions.”
  • Lubin said that the uncertainty in the market hasn’t been “greater over the last few decades.”
  • Lubin also said that centralized finance (CeFi) companies like FTX and others have “cast a broad pall on our ecosystem” and that the industry will need to “work through it.” Ultimately, it’ll be a “net positive for the ecosystem.”
  • ConsenSys will focus on its “core value drivers,” which are MetaMask and Infura developer platforms.

ConsenSys, the parent company of popular crypto wallet MetaMask, announced Wednesday a job cut round impacting 96, or 11% of, employees.

ConsenSys CEO Joseph Lubin said in a blog post that the layoffs are a “difficult” but necessary decision to adjust to “challenging and uncertain market conditions.”

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“[...] we regularly engage in conservative financial planning and take appropriate steps to ensure we have the resources to fulfill our vision, even through uncertain market conditions – and the uncertainty hasn’t been greater over the last few decades,” he said.

Lubin said that centralized finance (CeFi) firms like FTX, Celsius, and others have only worsened the situation. However, he remained positive about the future of crypto.

“[...] some of the poorly behaved CeFi actors in our space have brought a reckoning on themselves which has cast a broad pall on our ecosystem that we will all need to work through. Ultimately this will be a net positive for the ecosystem,” he said.

ConsenSys will focus on its “core value drivers,” which are mainly a MetaMask end-user and developer platform, as well as Infura’s developer platform.

Lubin said the company would also pursue new offerings to empower Web3 developers and creators, grow Web3 commerce and DAOs, and contribute to the decentralized identity and verifiable credentials ecosystems.

On the Flipside

  • ConsenSys is no different from other crypto companies that have been aggressively cutting jobs since the second half of 2022.

Why You Should Care

ConsenSys is one of the oldest crypto companies in the industry. Their decision to cut jobs is indicative of what the market conditions are in crypto now.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.