Monday, September 25, 2023
HomeEthereumEthereum builder ConsenSys axes 100 staff—about 11% of workforce

Ethereum builder ConsenSys axes 100 staff—about 11% of workforce

ConsenSys, an Ethereum-focused software company best known for its flagship MetaMask wallet, is the latest crypto company to cut salaries. On Wednesday, founder Joseph Rubin published a blog post announcing 97 layoffs. This is his 11% of the company’s staff.

in an interview with luckRubin said the cuts were not aimed at product staff, but rather those employed in support functions whose workloads were reduced during the industry downturn.Reported by Coindesk Rumors of layoffs last week. )

Lubin declined to disclose financial details for ConsenSys, but said it experienced a decline in revenue like others in the industry. However, he said the company’s balance sheet was “very strong” and said the cuts were a temporary need to respond to “horrible macroeconomic conditions”.

In addition to macroeconomic factors such as inflation and supply chain issues, Rubin said the struggles in the cryptocurrency industry were a result of the end of the hype cycle, especially the so-called “CeFi” (centralized finance) companies. said it is. The mantle of cryptography, but lacking the decentralized ethos and operations that Rubin and others consider true cryptography.

Rubin said some of these companies, including companies like Voyager and Celsius that went bankrupt, pursued profits in reckless ways, often burning customers in the process.

“The recession would have happened anyway if it weren’t for CeFi’s pranks, but it was horribly exacerbated by CeFi. was difficult.

In the coming months, ConsenSys, which began as a Brooklyn incubator backing dozens of Ethereum startups, will sharpen its focus even further to build the most promising elements of its business.

This includes MetaMask, which has over 30 million users and recently added the ability for users to wager tokens (a crypto version of depositing funds to earn interest) and access to more third-party services. has been added. ConsenSys will also continue building its other flagship product, Infura, which provides crypto infrastructure services to companies in sectors such as technology and banking.

Rubin said ConsenSys will also be eyeing two new services: decentralized identities and supporting services for elements of Web3commerce, including NFTs.

“What lies ahead is the enormous potential of Web3, and we are excited to embark on this multi-year journey,” said Lubin in a blog post.

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