Consensys Cuts 7% of Staff in Latest Crypto Industry Shake-Up: Report
Main Idea
Consensys is laying off 7% of its workforce as part of a restructuring effort to improve profitability, marking its third round of layoffs since 2022 amid market and regulatory pressures.
Key Points
1. Consensys is cutting 49 employees, or roughly 7% of its workforce, as part of a restructuring effort aimed at improving profitability.
2. This is the third round of layoffs since 2022, following 11% cuts in 2023 and 20% in 2022.
3. The company recently acquired Web3Auth, a startup with about 30 staff, as part of its restructuring.
4. The US SEC dropped its case against Consensys earlier, clearing a legal cloud over the company.
5. Consensys operates MetaMask, a popular Ethereum-focused software, and is exploring new initiatives, including a partnership with SharpLink Gaming.
Description
Consensys, the Ethereum-focused software firm behind MetaMask, is reportedly laying off 49 employees, or roughly 7% of its workforce, as part of a restructuring effort aimed at improving profitability. Bloomberg reported the job cuts on Tuesday, with a spokesperson describing them as a step in a broader realignment of priorities following the firm’s recent acquisition of Web3Auth , a startup with about 30 staff. Those employees will remain with the company, and hiring is said to continue in sele...
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