According to reports, ConsenSys is preparing to let go of more than 100 members of its workforce due to the bleak economic climate.
A web3 firm called ConsenSys is situated in New York and is focused on creating next-generation, enterprise-grade Ethereum-powered applications. It might currently be considering reducing its personnel.
According to people familiar with the situation, the company is about to finalize arrangements to let go of approximately 100 of its 900 employees. The Consensys team has been contacted by CoinRegency.com, but as of the time of publication, they had not returned the call.
Employers Are Being Let Go By Cryptocurrency Companies
Numerous well-established bitcoin (BTC)-related firms have failed in the current crypto winter, which has been dubbed one of the worst in the history of the sector. Several others have downsized to survive the crisis.
The market collapse, according to allegations that surfaced last week, is forcing Silvergate, a publicly traded crypto-friendly bank, to lay off nearly 40% of its workforce.
After firing over 1,000 employees in June 2022, leading US-based digital asset exchange Coinbase has announced intentions to lay off an additional 950 staff members and scale back operations in Japan.