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ConsenSys Confirms Job Cuts, CEO Touts Win for Decentralization

Ethereum development company ConsenSys will cut 97 jobs, or 11% of its workforce, according to a blog post by CEO Joe Lubin. This confirms a report by CoinDesk last week.

ConsenSys CEO Joseph Lubin
ConsenSys CEO Joseph Lubin

Departing employees will receive generous severance packages, personalized support from an external placement agency, and extended healthcare benefits. ConsenSys, based in New York City and has 900 employees, is one of many crypto companies to lay off staff in the current bear market.

ConsenSys logo
ConsenSys logo

Lubin emphasized the financial strength of ConsenSys and said the job cuts would allow the company to focus on core products and explore new opportunities in Web3 commerce as it evolves into the mainstream. He also said, "We're keeping the company strong; we didn't cut into muscle."

Lubin also took the opportunity to criticize the behavior of centralized crypto finance (CeFi) companies, saying that their "ridiculous behavior" and "cataclysmic collapse" in 2022 have harmed many people but ultimately will benefit the crypto ecosystem and beyond.

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