Metamask parent company, ConsenSys confirms lay offs

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ConsenSys, the parent firm of Metamask, has joined the slew of companies that are reducing their headcount. The firm confirmed that it would be firing a portion of its employees in a blog post today. ConsenSys stated that it would be cutting its workforce by 11%. With this, 96 employees would be losing their jobs.

ConsenSys way of weathering the storm

Notably, Joseph Lubin – founder of ConsenSys – stated that the cause of the action was “challenging and uncertain market conditions”. Lubin also pointed out that the current crypto bear cycle “coincides with a very challenging macroeconomic environment driven by surging inflation, lagging economic activity, and increased geopolitical unrest”.

The founder also stated that the recent collapse of centralized finance platforms in the crypto space has added to the distrust and pullback. In addition, he stated that the goal of the decision was to reduce operating costs while keeping the focus on the product team. Lubin stated that the product team would continue to grow and gain access to all the right resources. He further stated,

“This challenging moment presents an opportunity to move from outsourcing trust to organizations that have failed repeatedly, to a future where decentralized systems automate trust and enable individuals and communities to control their own assets and financial futures.”

Story is still developing…

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