Crypto company ConsenSys lays off 96 employees - blog

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:Blockchain technology company ConsenSys plans to cut 11 per cent of its workforce, or 96 jobs, according to a letter from chief executive officer Joseph Lubin on Wednesday.The job cuts will help reduce operating expenses while increasing the strength and focus of the product teams to 'adjust to challenging a

:Blockchain technology company ConsenSys plans to cut 11 per cent of its workforce, or 96 jobs, according to a letter from chief executive officer Joseph Lubin on Wednesday.

Layoffs at ConsenSys follow similar steps to rein in costs at crypto companies including Silvergate Capital Corp and Coinbase Global Inc at a time when a prolonged rout has pummeled the sector. But the bigger blow came after larger crypto exchange FTX filed for bankruptcy protection. Its swift fall has also sparked tough regulatory scrutiny of how major exchanges hold user funds.

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