Consensys Cuts Hundreds of Jobs This Year – About 25% of Its Staff Slashed
Ethereum-based company Consensys has cut hundreds of jobs since January. In its latest action, the US-based blockchain development team confirmed it will slash more than 90 jobs – or 14% of its workforce – citing the global impact of Covid-19.
The decision comes after a virtual town hall meeting on April 20, reports say. The number of employees sacked at Consensys this year now runs into a few hundred, following another round of dismissals in February. Then, 14% of the staff were sent home.
In a statement, Consensys said it is rebalancing its priorities and re-evaluating timelines in light of the uncertainty brought into the market by the pandemic. “In such an environment, we must make changes to conserve resources and ensure our continued ability to support our customers, drive innovation, and serve the broader ecosystem,” the Joseph Lubin-led company said.
The firm, whose global team features software developers, security experts, lawyers, entrepreneurs, and others, will provide dismissed employees with two months of severance pay and career transition services.
Continued the statement:
All key operational aspects of the business are preserved to ensure the development and service of key products and solutions. Consensys remains focused on a core mission to enable developers and enterprises to deploy and operationalize blockchain-based products.
The February job losses were billed as part of a restructuring exercise that sought to separate the company’s software development from its venture activities. Jobs across human resources, finance, and marketing were affected while product teams were left intact.
Consensys said it is currently working on “crisis-related opportunities such as Central Bank Digital Currencies (CBDCs), emergency loans disbursement solutions, supply chains for personal protective equipment (PPE), and related identity solutions.”
In 2018, the company laid off over 1,000 employees, around 13% of its workforce at the time. Consensys was founded in 2014 and operates in more than 30 countries.
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