ConsenSys, one of the largest crypto companies, today confirmed plans to lay off 13% of its workforce, or about 150 employees, at a time when cryptocurrency prices are suffering one of their worst declines. ConsenSys’ announcement comes after its leadership discussed the possibility of layoffs at a company-wide town hall meeting on Monday, as we reported yesterday.
With more than 1,100 employees, ConsenSys has become a force in the cryptocurrency industry since its founding in 2014. ConsenSys now supports dozens of subsidiary projects that build on the Ethereum cryptocurrency network, many of which have no roadmap for earning revenue. That growth seems to have become untenable as the value of ether, Ethereum’s native token, has plummeted. Joseph Lubin, ConsenSys’ CEO, said this week that the organization would impose stricter performance standards on its subsidiaries and might shut down some projects.