Joseph Lubin: "The cuts allowed ConsenSys to retain its capabilities"


Joseph Lubin, CEO of ConsenSys, said the decision to cut workers was forced, but it allowed the firm to save its resources and not lose opportunities.

According to Joseph Lubin, the reductions were made in anticipation of possible problems and uncertainties in the cryptocurrency industry.. The decision was also influenced by “macroeconomic and geopolitical factors”. The ConsenSys team feared that the interest of venture capital firms in the industry had declined, and it would be more difficult to attract funding.

“There are still some very worrisome things in supply chains, in the production of materials and chips, and there is a drop in interest among venture investors. But we expect that with the recovery of the industry, new companies will also come into it.. Investors are waiting for some kind of shake-up in the technology sector,” said Lyubin.

He noted that the reduction in staff allowed the company to save significant funds, which is enough even to buy several small crypto firms.. Of course, only if “these will be valuable enough acquisitions”. The company is now in a stable financial position and “can weather any global economic challenges in the near future.”

Recall that the management of ConsenSys, which is behind the MetaMask cryptocurrency wallet and the Infura platform, announced a reduction of 11% of the total number of employees in mid-January.