ConsenSys, the founder of MetaMask and an Ethereum development company, has revealed plans to lay off 11% of its personnel. CEO Joseph Lubin confirmed the decision in a blog post today.
ConsenSys will lay off 97 employees as part of its attempts to fight “challenging and uncertain market conditions,” according to Lubin. Furthermore, the decision continues a pattern that has been prevalent in 2023, as companies prepare for a likely economic recession.
Although it is only about a month into 2023, the cryptocurrency sector has already seen several ups and downs. Prices of popular cryptocurrencies such as Bitcoin have rebounded from the disastrous 2022, which harmed the sector. Despite this, Bitcoin companies have shed 27,000 positions since April 2022.
That figure is about to rise, as ConsenSy announced plans to lay off 11% of its workforce in a blog post by CEO Joseph Lubin. “Today we need to make the extremely difficult decision to streamline some of ConsenSys’ teams to adjust to challenging and uncertain market conditions,” Lubin said.
Furthermore, “This decision will impact a total of 97 employees, which represents 11% of ConsenSys’ total workforce.” Furthermore, the post noted that departing employees had access to severance compensation based on tenure, with an exercise window ranging from 12 to 36 months. ConsenSys, on the other hand, is providing “personalized support from an external placement agency and extension of healthcare benefits in relevant jurisdictions.”
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