ConsenSys announced plans to reduce staff

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ConsenSys announced plans to cut costs and lay off 100 employees. In total, more than 28,000 jobs have been lost in the crypto industry since April last year.

According to independent sources, the numberConsenSys has approximately 900 employees. It is expected that the planned reduction will be at least 10% of the workforce. According to an unnamed source at ConsenSys, technical procedures are in the process of being finalized, so the exact number of jobs being cut has not yet been determined and may exceed previously announced plans.

ConsenSys has become the next cryptocurrencya company that announced an upcoming mass layoff of employees. CoinDesk estimates that more than 28,000 jobs have been lost in the crypto industry since April last year. According to industry experts, the ongoing crypto winter is forcing companies in the sector to curb their growth ambitions, significantly reduce operating costs and cut staff in an attempt to stay afloat.

Only for the first ten days of the new year, in addition toConsenSys, five more large cryptocurrency companies announced their upcoming staff reductions. Among them are NFT marketplace SuperRare, which is laying off 30% of its staff, cryptocurrency exchanges Coinbase and Huobi, with plans to cut staff by 20%, as well as crypto lender Genesis Global Trading and cryptocurrency bank Silvergate Capital - 30% and 40%, respectively.