ConsenSys cuts 11% of employees

ConsenSys, behind the popular MetaMask wallet and platform Infura, is laying off 96 people – 11% of its total workforce – due to “uncertain market conditions.”

According to ConsenSys CEO Joseph Lubin, the “bad behavior” of the management of some centralized companies has led to “significant pressure on the cryptocurrency ecosystem, which must be dealt with together.”. The layoffs will help the company focus on its core business.

MetaMask wallet monthly user base reaches 30 million people. However, this is only a small part of the general population, which is why ConsenSys management emphasizes that there is too little adoption of cryptocurrencies so far.

“We are still in a situation where this new technology is not fully understood by the masses,” said Lex Sokolin, director of cryptoeconomics at ConsenSys.

Sokolin believes that one of the drivers for the adoption of cryptocurrencies will be the development of Web3 – when each user has his own avatar in the metaverses and social networks move into them, then there will definitely be a need to make financial transactions. This is where digital assets come to the rescue.

Earlier it was reported that ConsenSys plans to lay off 100 people.