ConsenSys Inc., a blockchain software technology company, is reportedly laying off 100 employees. At present it has around 900 employees in its working force. The reason behind this lay-off is undisclosed. However, this information is sourced by people familiar with this matter.
The eight years old software technology company is headquartered in New York city. It was founded by Joseph Lubin, with the objective of developing decentralized software services and applications that operate on the Ethereum blockchain.
In December 2018, ConsenSys announced a restructuring with projected layoffs of 13% of its 1,200 staff and then in February 2020 announced the layoffs of a further 14% of staff.
ConsenSys is not the only company in the crypto industry which laid-off employees in large numbers.. Many other crypto firms have taken similar steps. Recently, Coinbase, a crypto exchange, laid off 20% of its workforce.
Huobi, a Seychelles-based crypto exchange, is also planning to cut its headcount by 20%. Genesis Global Trading, a wholly-owned brokerage subsidiary of Digital Currency Group (DCG), announced a 30% staff reduction last week to stay afloat with 145 employees.
ConsenSys’s acquisitions and projects
ConsenSys acquired Planetary Resources, an asteroid mining company on October 31st, 2018. Later, in August 2020, it acquired Quorum from JPMorgan Chase & Co., while the financial terms of the deal were not disclosed.
In November 2021, ConsenSys raised $200 million at a $3.2 billion valuation from Animoca Brands, Coinbase Ventures and HSBC among others. And last year the blockchain software technology company raised $450 million in a new round led by ParaFi Capital, with Microsoft, SoftBank, and Temasek also joining as new investors in the company.
ConsenSys works on many projects and services for blockchain uses and applications. MetaMask, a software cryptocurrency wallet, is built on the Ethereum blockchain. It allows users to store and transfer cryptocurrencies and tokens. It was created by ConsenSys in 2016.
MetaMask and other web3 centered applications aim to decentralize control over personal data and increase user privacy. Still, some critics have pointed to the possibility that user identity information could be leaked via MetaMask’s browser extension to data collection networks and web trackers as a fundamental flaw.
ConsenSys has started or invested in several different projects that are not considered to be core to their business.
Last August, Consensys was dealing with another court case: a High Court challenge in Ireland against a decision by an adjudication officer of the Workplace Relations Commission (WRC) to award €129,000 to a former employee of the firm who complained about the handling of his redundancy.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/11/consensys-is-planning-to-lay-off-100-employees/