Consensys, a Web3 software company, is laying off 20% of its workforce due to economic and regulatory challenges. Despite these setbacks, Consensys says it remains committed to its Web3 vision and plans to continue supporting the Ethereum project.
Consensys cuts staff
Web3 software company Consensys is planning to cut 20% of its workforce to stay competitive in a market plagued by regulatory uncertainty and economic hardship.
Consensys founder Joseph Lubin, who is also a co-founder of Ethereum, explained in a post on October 29 that the layoffs were necessary to create a leaner team of "effective and high-performing" individuals. He cited both unfavorable macroeconomic conditions over the past year and ongoing regulatory uncertainty as contributing factors, especially for companies based in the U.S.
Consensys is currently embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) regarding regulatory classification for certain token offerings. The SEC alleges that Consensys engaged in the sale of unregistered securities and lacked the necessary brokerage licenses. Consensys filed a lawsuit in April challenging the SEC's authority to regulate Ethereum as a security, but a U.S. court dismissed the case on procedural grounds in September.
However, Lubin asserted that these conditions and obstacles do not deter Consensys from its goal of creating a robust ecosystem in the industry.
Lubin stated, “Even in the face of these challenges, our ecosystem is on the brink of becoming a significant global force, with Web3-native companies making great strides and many more traditional companies adopting Web3.”
For employees who are about to leave, the founder of Consensys has committed significant support. Lubin also revealed that the company will soon announce its commitment to support the vision and mission of the Ethereum project.
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