ConsenSys To Lay Off 100 Or More Employees – Jan 11,2023

Key Points:

• ConsenSys, the developer of the crypto wallet MetaMask, plans to lay off 100 staffers or more, according to a person familiar with the matter.
• ConsenSys joins several companies that have laid off workers due to the bear market. Coinbase and Huobi each recently reduced headcount by 20%, and Genesis this month laid off 30% of its staff. 

ConsenSys, the developer of the crypto wallet MetaMask, plans to lay off 100 staffers or more, according to a person familiar with the matter.

900 people are working for the Ethereum studio in New York City. The precise amount of cuts is yet unknown, according to the individual, who also noted that it is believed they are in the last stages of being finalized.

With U.S. exchange Coinbase announcing cutbacks of 20% of its personnel, or approximately 950 positions, on Tuesday, it’s compounding what has already been a horrible week for crypto employment. Since April of last year, the industry has shed, according to CoinDesk, close to 27,000 employees.

As we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario. While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount.

The exact number of employees that could be laid off is not precise, as the reductions have yet to be finalized, the source told CoinDesk.

ConsenSys joins several companies that have laid off workers due to the bear market. Coinbase and Huobi each recently reduced headcount by 20%, and Genesis this month laid off 30% of its staff. 

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