ConsenSys, the software developer, confirmed it has cut about 11% of its workforce. The reduction affected 96 employees.
Today we need to make the extremely difficult decision to streamline some of ConsenSys’ teams to adjust to challenging and uncertain market conditions.https://t.co/Svuk9yYj6J
1/10
— Joseph Lubin (@ethereumJoseph) January 18, 2023
The founder of the company, Joseph Lubin, outlined the factors that influenced this decision.
“The current bear market coincided with a very challenging macroeconomic environment, driven by rising inflation, lagging economic activity, and heightened geopolitical tensions,” he wrote.
Going forward, ConsenSys will focus its business on “core value drivers”, including the MetaMask wallet and the Infura platform.
“Some of the unscrupulous participants in the CeFi segment have incurred the consequences upon themselves, casting a shadow over our ecosystem that we will all have to deal with. But in the end this will be a positive development,” Lubin said.
Earlier reports indicated that ConsenSys planned to lay off more than 100 employees.
Last week Crypto.com announced a 20% staff reduction. The decision was taken amid unfavourable market conditions and “recent events in the industry”.
Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices, and analysis.