ConsenSys,
a cryptocurrency software company, has confirmed its plans to cut 11% of its
current workforce, which translates to almost 100 positions. Joseph Lubin, CEO
of the company, announced the planned changes on Wednesday.
The
collapse of Terra in May and FTX in November caused the entire crypto ecosystem
to suffer, affecting many cryptocurrency firms, including ConsenSys. The
company now wants to focus on its core business, cut operating costs and
increase efficiency.
“Today
we need to make the extremely difficult decision to streamline some of
ConsenSys’ teams to adjust to challenging and uncertain market conditions. This
decision will impact 96 employees, which represents 11% of ConsenSys’ total
workforce. We are extremely grateful for their contributions and the work
they’ve accomplished. Each of the impacted employees will be notified today by
their manager,” Lubin commented in a letter published on the company’s
blog.
The New
York company is the leading investor behind popular Ethereum
