In a recent blog post, Joseph Lubin, founder and CEO of Consensys, announced a 20% reduction of the company’s workforce due to economic and regulatory uncertainty.
Lubin stated that in order to stay competitive, the company needed to become more agile and effective.
He also mentioned how this decision will position Consensys for continued success in the rapidly evolving web3 space. One of Consensys’ main projects, MetaMask, has faced legal challenges with the US Securities and Exchange Commission (SEC).
Despite being one of the top crypto wallets in the market, Consensys has been in an ongoing legal battle with the SEC over the categorization of ether as a security.
Additionally, the SEC has sued Consensys for not registering as a broker for its MetaMask swaps service. According to the post, the laid-off employees will receive generous severance packages and an extended stock options window.
