- Consensys, the parent organization of Metamask, has declared the termination of 160 staff members, representing 20% of its total workforce.
- The company cited substantial financial setbacks stemming from ongoing legal disputes with the U.S. Securities and Exchange Commission, as well as broader economic conditions, as the reasons for these layoffs.
- Consensys has committed to providing departing employees with severance packages, continued healthcare coverage, outplacement assistance, extended exercise periods, and additional benefits.
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Web3 firm ConsenSys, the parent company of MetaMask, announced on October 29 that it is laying off 160 employees, roughly 20% of its workforce. The company cited high legal costs associated with ongoing battles with the U.S. Securities and Exchange Commission (SEC), alongside challenging macroeconomic conditions, as primary reasons for the cuts. ConsenSys has faced substantial expenses during its disputes with the SEC, which it argues have strained resources amid an already tough economic landscape.
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In a statement, ConsenSys expressed appreciation for the contributions of its departing employees to both the company and the broader Web3 industry. The firm assured laid-off employees they would receive severance packages based on tenure, a 36-month extended exercise window for stock options, extended healthcare coverage, and outplacement support to help with the transition. ConsenSys emphasized its commitment to providing meaningful support during this challenging time.
ConsenSys pointed to factors impacting the Web3 space, such as rising interest rates, inflation, and reduced liquidity, as well as regulatory uncertainty fueled by the SEC’s lack of clear guidance for the crypto industry. The company criticized the SEC’s approach, noting that these legal conflicts with regulatory bodies have resulted in lost jobs and hindered growth across the sector. ConsenSys also called on Congress to address the SEC’s actions, expressing concern that unchecked regulatory hostility could lead to further job losses and deter innovation.
ConsenSys remains committed to preserving financial stability
ConsenSys reassured users that its business remains resilient despite current macroeconomic challenges. In a recent blog post, the company stated it is dedicating more effort to refining and refocusing its strategy, aiming to better align with market dynamics and strengthen its long-term objectives.
The Web3 firm explained that the decision to adjust its workforce is part of its strategy to streamline operations and enhance sustainability. These changes, according to ConsenSys, are designed to improve the company’s ability to navigate an evolving market and position it for enduring growth.
CEO Joe Lubin expressed optimism about the Web3 industry’s future, noting it is on the verge of mainstream adoption as traditional companies enter the space. He envisions a shift where large, monolithic corporations may lose dominance, creating opportunities for smaller firms to thrive by leveraging technologies like AI.
MetaMask fuels Web3 innovation
Lubin emphasized ConsenSys’s commitment to advancing Web3 innovation, with MetaMask and Linea leading the charge. He noted that MetaMask has empowered global users by offering secure asset storage and driving new Web3 applications as developers experiment with its platform.
The ConsenSys founder outlined upcoming platform enhancements to boost Web3 adoption, including UX and UI improvements and MetaMask’s expanded multi-chain capabilities. New features, such as the MetaMask card, are also being introduced to enhance the platform’s functionality and usability.
ConsenSys reaffirmed its dedication to decentralization, a foundational principle of the Ethereum project. The company aims to gradually decentralize its offerings, aspiring to evolve into a fully decentralized “Network State,” according to Lubin.
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