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Editing by Nathaniel Cajuday
- ConsenSys, an Ethereum software company that developed MetaMask, will probably cut off at least 100 of its 900 current employees.
- According to an informant of CoinDesk, though the number of employees that will leave ConsenSys is not yet known, the decision is being finalized already.
- And the company cleansing happens, it will be the fourth time that ConsenSys has cut its workforce.
Ethereum firm ConsenSys, the developer of crypto wallet MetaMask, is set to let go of 100 or more employees out of its current 900 staff, according to a report from CoinDesk.
As per CoinDesk, an informant told the news agency that the staff cut-off is probably in the process of being finalized; however, the exact number of affected employees is still unknown.
As of this writing, there has been no response from Consensys regarding this matter.
This is not the first time that the firm has cut its workforce; in February 2020, Consensys reduced its workforce by 14% to prioritize the development of its infrastructure platforms. Then, in April 2020, after the whole world had suffered from the COVID-19 pandemic, it also let go of another 14%—90 employees lost their jobs. Two years prior to this, Consensys also laid off 13% of its staff so that it “could refocus its priorities.”
Last October, Consensys established the MetaMask Grants Decentralized Autonomous Organization (DAO) with an annual budget of $2.4 million. The DAO is expected to support its developers who are creating within the MetaMask ecosystem. (Read more: ConsenSys Launches MetaMask Grants DAO with $2.4 Million Yearly Budget)
Consensys is not the only web3 firm to let go of its staff this new year; just recently, crypto trading platform Coinbase announced that it will reduce its workforce by laying off 950 of its employees. The move was made as part of the firm’s current restructuring plan and to mitigate the effects of the still-current bear crypto market.
In another report from Coindesk, more than 26,000 employees have lost their crypto-related jobs as of December 9, 2022. The majority of these layoffs are the result of the ongoing crypto-winter.
This article is published on BitPinas: ConsenSys to Sack At Least 100 Employees, CoinDesk Revealed
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
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- Source: https://bitpinas.com/business/consensys-lay-off-2023/