Consensys, the Ethereum-focused blockchain software firm and developer behind popular web3 wallet Metamask, has announced a 20% reduction in its workforce.
The decision, disclosed by CEO Joseph Lubin, comes as Consensys faces an increasingly challenging economic landscape alongside growing regulatory uncertainty, particularly for U.S.-based companies.
The company is implementing the layoffs to streamline operations, focus on core products, and position itself for sustainable growth.
Why is Consensys reducing its workforce?
The decision to reduce Consensys’s workforce by 20% comes as the company faces economic and regulatory pressures affecting its core operations.
CEO Joseph Lubin cited high inflation, rising interest rates, and liquidity challenges as key factors contributing to the need for a leaner structure. Additionally, unclear regulatory frameworks, especially within the United States, have increased compliance costs and created operational uncertainties.
Lubin explained that the changes are necessary to position Consensys for resilience and ongoing adaptation in the evolving web3 landscape.
What happens to the affected employees?
Consensys has committed to providing extensive support for employees impacted by the layoffs, ensuring they have resources during the transition.
The company announced severance packages that will vary based on tenure, offering affected employees additional financial stability. Consensys will also extend healthcare benefits and provide outplacement services, including career coaching and networking opportunities, to assist employees in finding new roles.
Additionally, stock options will have an extended exercise window of 36 months, offering greater flexibility to those leaving the company.
What’s next to Consensys?
Following the restructuring, ConsenSys plans to concentrate on its core products, specifically MetaMask and the Linea network.
MetaMask, a widely used cryptocurrency wallet, will see feature enhancements aimed at improving user experience and expanding its multi-chain functionalities, supporting seamless access across various blockchains. The Linea network, which utilizes zkEVM technology, is also set for further development to enhance its scalability and efficiency.
These strategic focuses are expected to be highlighted at the upcoming Devcon conference in November, where the company will share additional details on the future of its key products.
Want more? Connect with NFT Plazas
Join the Weekly Newsletter
Join our Telegram
Follow us on X
Like us on Facebook
*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
The post Consensys to Cut 20% of Workforce in Strategic Restructuring appeared first on NFT Plazas.
Leave a Reply