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ConsenSys Lays Off 14% of Staff to Fend off Coronavirus Pandemic’s Economic Effects

Brooklyn, New York-based Ethereum development studio ConsenSys has announced yet another round of layoffs, in a move to weather the Coronavirus pandemic economic effects.

The company co-founder and CEO Joseph Lubin broke the news to his staff on Monday during a Zoom virtual meeting stating that the company would be letting go of 14% of its employees. This equates to 91 people, just a couple of months after the last employee restructuring which also saw another 14% staff reduction exercise.

Back in February, ConsenSys announced that the staff retrenchment was in an attempt to restructure the business processes to focus on two major areas – development and investment. As a result, several people may have become redundant as others took up broader roles in the company.

In the latest retrenchment, Lubin revealed that he consulted widely to avoid losing any more employees.

“I considered many levers we could pull to weather this storm,” he said during the meeting. “I consulted numerous people both inside and outside of the company. I pursued conversations with potential investors. I reviewed government assistance programs. I explored ways to collaborate with other projects in the ecosystem.” His attempts to save his people were unfruitful, unfortunately. “Every day we delay difficult decisions further depletes our capacity to realize our mission,” he concluded.

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A ConsenSys spokesperson released a statement to the press afterword which read:

“Today, ConsenSys made the very difficult decision to part with 14% of the global team. This course of action is necessary to support the company’s mission and long-term commitment to customers, who in many cases rely on the firm for mission-critical deployments. All key operational aspects of the business are preserved to ensure the development and service of key products and solutions. ConsenSys remains focused on a core mission to enable developers and enterprises to deploy and operationalize blockchain-based products. The company has been encouraged by the resilience of the Ethereum network and decentralized finance despite the adverse market conditions.”

The 91 former members of ConsenSys will receive two months of severance pay with a bonus after-employment service of career transition. All the efforts taken by the company, are an attempt to keep the company operational and resilient throughout trying times to “ensure the development and service of key products and solutions.”


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Omar Jones
Omar Jones
Senior news editor at Crypto Economy. Responsible for research and writing breaking news and featured reports. Introduced to crypto-economy in 2016, and now educating students and investors in the blockchain industry during their free time.
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