In this post. Consensys, the parent company of Metamask, announced the layoff of 160 employees, representing 20% of its workforce.
Consensys attributes the problems to macroeconomic factors, as well as significant losses incurred in litigation with the FCA.
Consensys guarantees severance pay, extended health care, outplacement services, extended vacation and other benefits to departing employees.
Consensys, a Web 3 company and parent company of #Metamask , announced in a blog post on Oct. 29 that it was laying off 160 employees, about 20 percent of its workforce, in several departments. The company explained that it made the decision due to the huge costs incurred in its litigation with the FCA, as well as macroeconomic factors.
the company praised the laid-off employees for their contribution to the success of Consensys and the #web3 industry. Consensys still promised employees seniority-based severance pay, an extension of their contract to 36 months, enhanced health care and job placement services.
Consensys cited macroeconomic factors affecting Web3, including rising interest rates, liquidity constraints and alarming inflation rates. The company also noted that the lack of a clear regulatory framework for the crypto industry was another contribution of the Commission. According to Consensys, the lack of clarity unnecessarily hampers interactions between investors, developers, companies and other market participants.
the company also emphasized that every time a #cryptocurrency company gets into a legal battle with the FCA, the Commission's abuse of its authority results in the loss of productive investments and jobs. The #blockchain company also stated that Parliament has done nothing to stop the Commission's misconduct. In addition, Consensys expressed fear that more companies will face investigations and litigation as a result of the government's attacks on the industry.
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