• ConsenSys CEO Joseph Lupin has announced layoffs of 11% of the firm’s workforce.
• Those affected will be given generous packages to assist with their transition, including severance packages, extended option exercise window, customized placement assistance, and healthcare benefits.
• The firm is focusing on scaling its core offerings and reducing operating expenses as part of its initiative to strengthen the product teams.
ConsenSys, a software technology company developing decentralized applications and various developer and end-user tools for the Ethereum blockchain, has announced major layoffs. The CEO of ConsenSys, Joseph Lupin, has confirmed in a letter that the firm will be letting go 11% of its workforce in an effort to refocus and adjust to the challenging and uncertain market conditions.
The CEO said that those affected by the layoffs will be provided with generous packages to assist them in their transition to a new job. This includes severance packages according to tenure, an extended option exercise window from 12 months to 36 months, customized placement assistance, and healthcare benefits in certain jurisdictions.
The main focus of the firm is to scale its core offerings and reduce operating expenses, in order to strengthen the product teams. In that regard, ConsenSys has recently announced the ConsenSys zkEVM Private Beta test net for selected users.
Lupin also took a dig at centralized finance saying that while they capitalized the interest in cryptocurrencies by offering ways to earn yield on crypto assets, the ecosystem is much more similar to traditional finance with third-party custody, third-party payments, and other risks that were exposed and exploited last year.
He concluded his letter emphasizing the tough decision and thanking those affected for their contributions and the work they’ve accomplished. He said that the firm is determined to stay competitive in the market and continue to bring quality products to the blockchain ecosystem.