Layoffs Confirmed by ConsenSys

According to CEO Joe Lubin's blog post published on Wednesday, the Ethereum development firm ConsenSys will eliminate 97 positions. This mostly confirms a story published by CoinDesk the previous week.

“Today we need to make the extremely difficult decision to streamline some of ConsenSys‘ teams to adjust to challenging and uncertain market conditions,” said Lubin. “This decision will impact a total of 97 employees, which represents 11% of ConsenSys’ total workforce.”

According to a blog post published on Wednesday by ConsenSys CEO Joe Lubin, the firm will eliminate 97 positions over a period of 12 to 36 months. The extension of health coverage in pertinent jurisdictions and individualized assistance from an outside recruitment company are also promised, according to the statement.

ConsenSys, which has its headquarters in New York City and presently employs roughly 900 people, is just one of several cryptocurrency businesses that have been forced to lay off staff as a result of the company's ongoing bear market, which is thought to have cost 27,000 jobs since April.

Lubin emphasized ConsenSys' financial stability by adding that the painful decision to streamline would direct the company's strategy around its core products and the investigation of fresh possibilities in Web3 commerce as it matures into the mainstream.

“We‘re keeping the company strong; we didn’t cut into muscle,” In a discussion with CoinDesk, Lubin remarked. “We sort of right-sized support functions, some customer support, some internal team support, because there‘s just less activity in our ecosystem right now. I expect we’ll get back to doing quite significant and surging business in the not too distant future.”

CiFi censure

In addition to assessing macroeconomic challenges and geopolitical uncertainty, Lubin used the occasion to criticize the conduct of cryptocurrency centralized finance (CeFi) businesses.

“If we hadnt had such ridiculous behavior and such a cataclysmic collapse in the CeFi part of our ecosystem, then my guess is those CeFi actors would have continued to play their games and continue to get away with it,” he noted.

Lubin stated that while it is really regrettable that so many individuals have also suffered as a result of CiFi perpetrators coming out in 2022, the crypto ecosystem and other areas would ultimately benefit.

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