The creator of MetaMask and Ethereum development company ConsenSys has announced the layoff of 97 staff or 11% of its workforce.
The layoff was confirmed by the founder of the company Lubin in a blog post on Wednesday.
As per the post, the reduction in the number of staff is targeted at supportive staff therefore, employees who work directly for the firm are not affected. The workload of these supportive staff has reduced because of the recent market situation, the blog post noted.
The officials also added that the affected staff will be compensated substantially according to their length of service at the firm; an extended option exercise window that will range from 12 to 36 months will also be available for them.
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ConsenSys Founder Lubin Blames CeFi
According to Lubin, the founder of the firm, the struggle of crypto firms to keep their businesses afloat is a result of the end of a hype cycle, particularly the so-called centralized finance (CeFi) firms. Founder Lubin is of the opinion that firms operating under the canopy of “cryptocurrency”, in reality, do not have core ethos of decentralization and how it works.
ConsenSys currently has about 900 workers globally and is headquartered in New York City, it is the MetaMask creator as well as the Ethereum development company.
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