ConsenSys, the developer of crypto wallet MetaMask, plans to lay off more than a hundred employees.
With the bankruptcy of FTX, one of the world’s largest cryptocurrency exchanges, crypto companies are facing challenges, along with the impact of the current bear market. In particular, crypto companies have started to review their financial situations to avoid an FTX-like collapse. ConsenSys, one of these companies, came to the fore with layoffs and restructuring moves. The MetaMask developer reportedly plans to lay off more than a hundred workers as a step in the restructuring process.
ConsenSys To Part Way With More Than One Hundred Employees
CoinDesk reported that ConsenSys will lay off 100 or more of its employees.
The New York City-based company currently has approximately 900 employees. The person in question said the planned cuts are in the process of being finalized and the exact number is unknown at this point.
Another bad week for crypto jobs has been added to what was already a bad week, with US crypto exchange Coinbase announcing on Tuesday that it will lay off 20 percent of its staff, or about 950. CoinDesk estimates that around 27,000 people across the industry have lost their jobs since April last year.