ConsenSys, the parent firm of Metamask, has joined the slew of companies that are reducing their headcount. The firm confirmed that it would be firing a portion of its employees in a blog post today. ConsenSys stated that it would be cutting its workforce by 11%. With this, 96 employees would be losing their jobs.Joseph Lubin – founder of ConsenSys – stated that the cause of the action was “challenging and uncertain market conditions”.
The founder also stated that the recent collapse of centralized finance platforms in the crypto space has added to the distrust and pullback. In addition, he stated that the goal of the decision was to reduce operating costs while keeping the focus on the product team. Lubin stated that the product team would continue to grow and gain access to all the right resources.
In line with the announcement, the exchange will stop fiat deposits beginning this Friday, i.e., January 20. Additionally, the withdrawal services for both cash and crypto will be open till February 16.Subscribe to get it daily in your inbox.