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    Consensys to cut workforce by 20% — CEO outlines decentralization plans

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    portrait, Joe Lubin, ConsenSys CEO, Joseph Lubin

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    Blockchain firm Consensys is cutting its workforce by over 20%, with around 162 people expected to lose their jobs. CEO Joe Lubin said the move is aimed at creating a leaner, more agile company. He also reassured those affected that they would receive severance packages, job-finding assistance, extended health benefits, and extended hold on their stock options. The restructuring is not related to the firm’s legal issues with the US SEC. Going forward, Consensys will focus more on projects like MetaMask and Linea, with an aim to expand services beyond Ethereum.

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    Consensys, a company known for developing blockchain technologies, is restructuring and cutting its workforce by more than 20%. That means around 162 people will lose their jobs. The company’s CEO, Joe Lubin, who also co-founded Ethereum, said this move is about becoming a leaner and more agile company amidst potential economic uncertainties.

    Consensys has built a lot of cool stuff over time, so they’re looking to capitalize on all that hard work. They’re known for creating the MetaMask wallet for Ethereum, the Linea protocol, and loads of other software focused on Ethereum. At the moment, Consensys employs 828 people.

    For those losing their jobs, Lubin assured that the company is providing nice severance packages, help in finding new jobs, extended healthcare benefits, and even letting them hold onto their stock options for longer.

    For the gossip lovers, Consensys has been in a legal tussle with the United States Securities and Exchange Commission (SEC). But Lubin clarified, the restructuring is not because of any legal costs related to that. He feels the SEC has been unfairly targeting the Ethereum ecosystem, so they had to stand up against that.

    In response to Ethereum co-founder Vitalik Buterin’s call for decentralization, Lubin clarified that Consensys has been working to decentralize its operations on its own, even without any external pressure to do so.

    As part of the restructuring, Consensys will be focusing more on its MetaMask and Linea projects. Lubin shared that the goal for MetaMask is to expand to other blockchains, not just the Ethereum ones they currently handle.

    One thing’s for sure, Consensys is transforming. The products they’ve built around Ethereum might become protocols in the future. It seems like big, exciting changes are coming their way!

    Source: Cointelegraph

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