Ethereum Development Company ConsenSys Confirms Staff Cut Of 97 Employees
ConsenSys announced that it has laid off 11% of its staff in a statement, confirming previous reports. The company stated that it will be focusing on its “core value drivers” in the statement by its founder Joseph Lubin.
Valentin
March 13, 2023
CoinDesk reported that ConsenSys, an Ethereum development company, announced in a blog post on Wednesday that it will be laying off 97 employees, according to CEO Joe Lubin.
ConsenSys, a New York-based Ethereum development company, announced that departing employees globally will receive severance packages based on their tenure and an extended option exercise window of 36 months, as well as personalized support from an external placement agency and extension of healthcare benefits in relevant jurisdictions, according to a blog post.
The company, which currently has about 900 employees, is one of many crypto companies that have been forced to lay off staff in the current bear market, which has claimed an estimated 27,000 jobs across the industry since April.
CEO Joe Lubin emphasized that the decision to streamline the company was made to focus on its core products and explore new opportunities in Web3 commerce as the industry evolves into the mainstream.
In an interview with CoinDesk, Joe Lubin stated that the company is remaining financially strong and that the cuts were made in “support functions” and “less active” areas, rather than core operations. He also expressed confidence that the company will return to significant growth in the near future.
ConsenSys CEO: condemn the actions of centralized crypto finance (CeFi) companies
In addition to acknowledging the impact of macroeconomic and geopolitical factors, ConsenSys CEO Joe Lubin also used the opportunity to criticize the actions of centralized crypto finance (CeFi) companies. He stated that if such companies had not engaged in “ridiculous behavior” and caused a “cataclysmic collapse” in the CeFi ecosystem, they would have continued to operate in an exploitative manner.
He acknowledged that many people have been harmed in the process of these companies self-identifying in 2022, but believes that ultimately the crypto ecosystem and beyond will benefit from this. He hopes that the situation will demonstrate the value of decentralized mechanisms and that it will be good for the general world of finance, as it highlights the benefits of decentralization and the drawbacks of centralization.