Consensys announces 20% reduction in staff, set to focus on decentralization
Consensys, the blockchain tech company behind MetaMask, announced a 20% reduction in its workforce as part of a major restructuring to adapt to economic challenges and regulatory pressures.
The cutbacks are intended to streamline operations, ensuring the company can sustain its long-term vision while navigating an increasingly complex environment for web3 innovation.
This decision comes amid rising interest rates, inflation, and a challenging regulatory climate in the U.S., factors that Consensys believes have complicated growth for web3 companies.
The firm voiced concerns about the U.S. Securities and Exchange Commission’s scrutiny, warning that unclear regulations risk stifling blockchain innovation.
Despite these challenges, Consensys remains optimistic about web3’s future, describing the ecosystem as on the brink of mainstream adoption.
As part of its restructuring, Consensys aims to decentralize further by transforming products like MetaMask into decentralized protocols. CEO Joseph Lubin emphasized that web3 is positioned to redefine the global digital landscape, with both native and traditional firms increasingly embracing decentralized technologies.
As it transitions, Consensys plans to enhance MetaMask’s features and broaden Linea’s zkEVM technology, demonstrating its commitment to making decentralized tech more accessible. With these changes, Consensys hopes to shape a more resilient web3 environment, focused on efficiency, user empowerment, and wider participation in the digital economy.
