ConsenSys, a leading blockchain technology company, announced that it will be streamlining some of its teams in response to the current challenging and uncertain market conditions.
The decision ConsenSys made will impact 96 employees, representing 11% of ConsenSys’ total workforce. The company stated that it has gained significant traction in its core products and has helped accelerate the blockchain ecosystem.
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According to the official letter, the company has now decided to focus its business on its core value-driver products.
“Today, we need to make the extremely difficult decision to streamline some of ConsenSys’ teams to adjust to challenging and uncertain market conditions,” said Joe Lubin, CEO of ConsenSys.
The company also announced that it will be providing extensive support and generous packages to all departing employees globally.
The support the source stated includes severance packages based on tenure, an extended option exercise window from 12 months to 36 months, personalized support from an external placement agency, and the extension of healthcare benefits in relevant jurisdictions.
ConsenSys CEO Joe Lubin stated that the company believes that it will soon shift from the age of silos and exploitation into the age of community and collaboration.
He added that the last ecosystem surge saw over 30 million people each month using MetaMask to access DeFi protocols, mint and trade NFTs, and participate in DAOs. According to Lupin, NFTs and other Web3 constructs will enable people, groups, or DAOs to establish their own novel community constructs.
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