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Crypto software company ConsenSys cuts its workforce by 11%

CEO Joseph Lubin cites uncertain market conditions caused by recent falls as the reason for the layoffs at ConsenSys, the company behind MetaMask.

The CEO of a blockchain company, Joseph Lubin, said on January 18 that misbehaved centralized finance (CeFi) actors had thrown a vast veil over the ecosystem that they all needed to fight.

Lubin said the decision, which would affect 96 workers, is part of the company’s strategy to refocus efforts on its core businesses.

Lex Sokolin, director of cryptoeconomics at ConsenSys, said days before the layoffs that the sector had yet to achieve broad acceptance around the world.

Consensys claims that at the height of the previous bull run, more than 30 million users per month were using MetaMask to access DeFi, mint and trading protocols NFT, and participate in DAOs. While encouraging, it is a point in the larger scheme of things.

Sokolin estimated that of Web3’s 500 million addresses, 10% belong to MetaMask’s monthly user base. But there are not five billion people living there.

Asked about the timeline for mainstream crypto adoption, Sokolin spoke of the need for a robust ecosystem and compelling crypto use cases to support cryptocurrencies.

In a recent blog post, Lubin explained that the company will prioritize workforce streaming and key value drivers such as end-user custody solution MetaMask, Infura development platform and new offers. This should promote the development of Web3 commerce and communities of Decentralized Autonomous Organizations (DAOs).



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