Consensys, the software company behind the popular crypto wallet MetaMask, is restructuring to ensure long-term sustainability amid a challenging economic climate. The company is laying off 20% of its workforce.
According to a letter from CEO Joe Jubin, the move comes in response to macroeconomic challenges, including increased interest rates, inflation, and tighter liquidity conditions, which have collectively impacted the tech industry. Regulatory uncertainty has also prompted Consensys to streamline its operations to navigate more efficiently through an increasingly complex legal environment.
"Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC's abuse of power and Congress's inability to rectify the problem," Lubin wrote.
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