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.
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.