Originally published on: October 29, 2024
Blockchain development company Consensys is undergoing a significant restructuring, slashing its workforce by over 20%.
In an exclusive conversation with Cointelegraph, Joe Lubin, the CEO and co-founder of Ethereum, revealed that 162 employees have been affected by this move. The primary goal is to streamline operations and accelerate efforts to decentralize various aspects of its core business offerings.
Lubin emphasized that the decision is driven by multiple factors, including long-term financial sustainability and the potential economic volatility ahead.
Consensys aims to transition into a “smaller, more agile organization” that can leverage the extensive capabilities it has developed over time. The company is renowned for creating products like MetaMask, Linea, and other Ethereum-focused software.
Despite the layoffs, Consensys is committed to supporting its departing employees with generous severance packages, outplacement services, and extended healthcare benefits. These individuals will also have an extended window to exercise their stock options.
The company has been embroiled in a legal battle with the SEC, with Lubin defending Consensys’ stance against what he perceives as regulatory overreach.
Lubin clarified that the restructuring is not solely linked to legal costs but is part of a broader initiative to decentralize Consensys independently of external pressures.
The company’s restructuring efforts are all-encompassing, with no specific departments targeted for more significant layoffs. Consensys is focusing on enhancing activities related to MetaMask and Linea while evolving Infura through the decentralized infrastructure network.
As Consensys prepares for a shift towards decentralized models, its suite of Ethereum products is being transformed into protocols to drive innovation and sustainability in the blockchain industry.
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