JAKARTA - ConsenSys, as the developer of the MetaMask digital wallet, is one of the newest cryptocurrency companies to decide to lay off a number of its employees. On Wednesday, January 18, the company's founder, Joseph Lubin, announced on his blog that 97 employees would be fired, representing 11 percent of total human resources.
According to reports, these layoffs do not target employees who work directly on the product itself. But instead, they focus on those employed in the support department - whose workload has declined as a result of recent market slowdowns.
"Today we have to make a very difficult decision to streamline several ConsenSys teams in order to adapt to market conditions that are full of challenges and uncertainties. This decision will have an impact on a total of 97 employees, representing 11 percent of ConsenSys' total workforce," Consensys said., reported by Coingape.
The official announcement further states that workers leaving ConsenSys will be offered substantial severance pay compensation based on their tenure; as well as an extension of the execution time of options that will range from 12 to 36 months. In addition, customized assistance from outside placement agents and extended coverage of health care in applicable jurisdictions will be provided.
Lubin said that the cryptocurrency industry's struggle was the result of the end of the hype cycle and, in particular, the so-called "CeFi" company (centralized finance). Furthermore, Lubin argues that companies operating under the cryptocurrency envelope, in fact, do not have a decentralized core ethos and operations.
When talking about recent centralized exchange failures, Lubin claims that organizations like Voyager and Celsius pursue profits in irresponsible ways that bankrupt them both.
ConsenSys, which is currently headquartered in New York City and has around 900 employees, is just one of many crypto businesses forced to lay off its staff as a result of the declining bear market that has affected the industry since April.
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