ConsenSys CEO confirms layoffs, firm to focus on scaling core offerings

ConsenSys CEO Joseph Lupin said in a Jan. 18 letter that the firm is focusing on scaling its core offerings and will lay off 96 employees – 11% of its workforce to “adjust to challenging and uncertain market.”

The CEO said:

We are extremely grateful for their contributions and the work they’ve accomplished. Each of the impacted employees will be notified today by their manager.

The CEO said ConsenSys would provide “generous packages” to assist laid-off employees.  This would cover severance packages according to tenure, an extended option exercise window from 12 months to 36 months, customized placement assistance, and healthcare benefits in certain jurisdictions.

Joseph Lupin has also stressed accomplishing two goals – reducing operating expenses and strengthening the product teams. 

As part of this initiative, ConsenSys recently announced the ConsenSys zkEVM Private Beta test net for selected users on Jan. 10. 

A dig at centralized finance

The CEO discussed centralized entities that capitalized the interest in cryptocurrencies by offering ways to earn yield on crypto assets.

Joseph Lupin also recalled risks exposed and exploited by the centralized companies last year. In his view, the centralized ecosystem is much more similar to traditional finance: third-party custody, third-party payments, illicit finance, and market manipulation. 

Joseph Lupin said: 

This challenging moment we are facing as an industry presents an opportunity to move from outsourcing trust to organizations that have failed repeatedly, to a future where decentralized systems automate trust and enable individuals and communities to exercise control over their own digital assets and their financial futures.

Bookmark (0)

Related Posts

Europe is getting its first ETP based on a Morgan Stanley index

Europe is getting its first ETP based on a Morgan Stanley index

The ETP will be based on a new MSCI index tracking 20 leading digital assets — set to launch on Germany’s Deutsche Börse XETRA in April.

Bookmark (0)
Bitcoin reclaims $28,000 despite regulatory woes from Binance lawsuit

Bitcoin reclaims $28,000 despite regulatory woes from Binance lawsuit

Bitcoin recovers recent milestone — surpassing the $28,000 mark to move above its pre-Binance lawsuit price.

Bookmark (0)
Circle’s USDC to launch on Cosmos

Circle’s USDC to launch on Cosmos

This is the first time since the collapse of Terra’s UST that Cosmos will have a native stablecoin issued on the blockchain.

Bookmark (0)
SBF charged with bribing Chinese government officials with $40M

SBF charged with bribing Chinese government officials with $40M

SBF reportedly bribed Chinese government officials with over $40 million to regain access Alameda’s trading accounts worth over $1 billion.

Bookmark (0)
Zero-knowledge proofs now live on Bitcoin

Zero-knowledge proofs now live on Bitcoin

Competition heats up as developers race to optimize and scale zero-knowledge proofs —with ZeroSync and StarkWare leading the way.

Bookmark (0)

Orderly Network secures funding from India’s CoinDCX Ventures

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *