Consensys Cuts Staff Amid Profitability Push
Consensys Streamlines Operations with Workforce Reduction
Consensys, the company behind the popular crypto wallet MetaMask, is planning to reduce its workforce by approximately 7%, affecting 49 employees. This move is part of a broader strategy to enhance profitability and reallocate resources following the acquisition of Web3Auth, according to a recent report.
Despite the layoffs, Consensys aims to retain staff from the acquired software company and plans to create new roles to support its evolving business needs. This restructuring follows a previous workforce reduction in October 2024, where Consensys cut 20% of its staff (160 positions), citing macroeconomic pressures and ongoing legal challenges with the SEC.
Key Developments for Consensys:
- Workforce Adjustment: Consensys is reducing its workforce by 7% to improve profitability.
- SEC Case Dropped: Earlier this year, the SEC concluded its investigation into Consensys, ending a civil enforcement case initiated in mid-2024.
- Strategic Acquisitions: Consensys is integrating its recent acquisition, Web3Auth, while optimizing its workforce.
Consensys's Leadership and Crypto Holdings
Joe Lubin, Consensys CEO and co-founder of Ethereum, has recently been involved in the launch of SharpLink Gaming as chairman of the board. Furthermore, Consensys has been actively accumulating crypto assets and is now the world’s largest corporate holder of Ethereum, with 360,807 units.
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