ConsenSys Announces Laying Off 11% Staff Amid Economic Downturn

  • The announcement was made by CEO Joseph Lubin in a blog post earlier today.
  • This decision would effect a total of 97 individuals.

ConsenSys, an Ethereum development firm and the creator of the popular MetaMask wallet, has announced it would be laying off 11 percent of its staff. The announcement was made by CEO Joseph Lubin in a blog post earlier today.

In light of what Lubin calls “challenging and uncertain market conditions,” ConsenSys has decided to lay off 97 employees. This decision is consistent with the pattern that has emerged so far in 2023 as businesses brace for an impending economic downturn.

Mass Layoff Across the Sector

Although it is only the 18th day of 2023, the cryptocurrency market has already seen a lot of volatility. The terrible year of 2022 had a toll on the cryptocurrency sector, although significant cryptocurrencies’ prices have since rebounded. Despite this, 27,000 jobs have been lost in the crypto industry since April of 2022.

In a recent post, CEO Joseph Lubin revealed that ConsenSys planned to lay off 11 percent of its workforce. “Today we need to make the extremely difficult decision to streamline some of ConsenSys’ teams to adjust to challenging and uncertain market conditions,” Lubin stated.

Furthermore, it was said that this decision would affect a total of 97 individuals, which is equivalent to 11% of ConsenSys’ overall workforce.  It was also mentioned in the description that leaving workers may get severance payments based on their length of service, with an exercise period ranging from 12 to 36 months.

On the other hand, ConsenSys offers personalized assistance from an external placement agency and an extension of healthcare coverage in the applicable jurisdictions.

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