ConsenSys, the parent company of popular cryptocurrency wallet MetaMask, on Wednesday announced job cuts that affected 96, or 11%, of employees.
ConsenSys CEO Joseph Lubin he said in a blog post The layoffs are “difficult” but a necessary decision to adapt to “challenging and uncertain market conditions”.
“[...] we regularly engage in conservative financial planning and take appropriate steps to ensure we have the resources to fulfill our vision, even through uncertain market conditions – and the uncertainty hasn’t been greater over the last few decades,” he said.
Lubin said that central finance (CeFi) companies such as FTX, Celsius, and others have only exacerbated the situation. However, he remained positive about the future of cryptocurrencies.
“[...] some of the poorly behaved CeFi actors in our space have brought a reckoning on themselves which has cast a broad pall on our ecosystem that we will all need to work through. Ultimately this will be a net positive for the ecosystem,” he said.
ConsenSys will focus on its “core value drivers”, which are primarily the end-user and developer MetaMask platform, as well as the Infura developer platform.
Lubin said the company will also continue to introduce new offerings to empower Web3 developers and builders, grow Web3 commerce and DAOs, and contribute to decentralized identity and verifiable credential systems.
ConsenSys is one of the oldest cryptocurrency companies in the industry. Their decision to cut jobs is indicative of market conditions in cryptocurrencies now.