MetaMask Developer ConsenSys to Lay Off 47 Employees Amid Crypto Market Growth

ConsenSys, the company behind the development of the most popular Web3 wallet, will lay off 47 employees—7% of its total workforce, according to Bloomberg.

The restructuring is part of a strategy to achieve profitability, explained the company led by Ethereum co-founder Joseph Lubin. He also serves as chairman of the board of SharpLink Gaming, a firm actively accumulating Ethereum on its balance sheet.

Recently, ConsenSys acquired the startup Web3Auth, whose team consists of about 30 people. All employees continued to work within the company.

The main goal is to enhance the wallet’s user-friendliness. Additionally, ConsenSys aims to simplify the management of seed phrases, considering them one of the key risks in self-custody of assets.

The company behind MetaMask reduced its staff by 11% at the beginning of 2023. Last year, ConsenSys laid off 162 employees (20% of its total workforce), citing regulatory uncertainty and a challenging macroeconomic environment.

In February, Lubin announced a preliminary agreement with the SEC to withdraw the lawsuit against ConsenSys.