The developer of the non-custodial wallet MetaMask, ConsenSys, will lay off about 160 employees as part of a business optimization, the company's founder and CEO Joe Lubin announced.
He cited unfavorable macroeconomic conditions, uncertainty over crypto industry regulation in the U.S., and the cost of litigation with the Securities and Exchange Commission (SEC).
At the same time, Lubin called the company’s financial position stable.
According to him, ConsenSys will focus on the main revenue drivers, in line with the previously adopted strategy. The basis for further development will be the company's flagship products - MetaMask and the second-level Ethereum network Linea.
"To remain competitive, we need to transform ourselves to become more agile, more efficient and even more productive," Lubin said.
He called the decision to reduce the staff "difficult, but prudent." It will affect about 20% of the staff. In an interview with Fortune, the entrepreneur specified that this concerns 162 out of 828 employees. The layoffs will affect all departments.
Recall that in June, ConsenSys successfully sued to stop the SEC's investigation into the possible status of Ethereum as a security.
However, a counterclaim to the regulator's claim against the company was rejected in September.
