ConsenSys Confirms Job Cuts

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Last Updated on January 20, 2023 by Bitfinsider

ConsenSys, an Ethereum development startup, announced 97 employee cuts in a blog post on Wednesday.

“Today, we must make the tough decision to streamline certain of ConsenSys’ teams in order to adapt to harsh and uncertain market conditions,” Lubin stated. “This decision will have an impact on 97 employees, or 11% of ConsenSys’ overall workforce.”

According to the posting, departing ConsenSys workers would receive hefty severance compensation depending on tenure and an extended option exercise window ranging from 12 to 36 months. It further stated that an external placement agency will provide individualized assistance and that healthcare benefits will be extended in appropriate areas.

ConsenSys, headquartered in New York City, is just one of many crypto companies forced to lay off workers in a grinding bear market that has claimed an estimated 27,000 jobs in the industry since April.

Lubin emphasized ConsenSys’ financial soundness, saying the painful choice to streamline will focus the company’s strategy on its core products and explore new prospects in Web3 commerce as it matures.
“We’re keeping the company strong; we didn’t cut muscle,” Lubin explained to CoinDesk. “We right-sized support functions, some customer support, some internal team support, because our ecosystem is currently quiet. I believe we will be back to conducting large and brisk business in the not-too-distant future.”

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