Leading blockchain development company Consensys, known for popular products such as Ethereum wallet MetaMask and layer-2 protocol Linea, has announced a major restructuring.
The workforce will be reduced by more than 20%, which amounts to approximately 162 jobs, according to CEO Joe Lubin. This strategic step is mainly intended to streamline the organization and increase the focus on decentralization of core activities.
Long-term financial stability
Lubin explained that the restructuring is motivated in part by long-term financial stability, given increasing economic uncertainty. In addition, Consensys strives to become an agile organization that can optimally respond to the needs of the blockchain ecosystem.
To support departing employees, Consensys is offering generous severance packages, comprehensive health care, outplacement services and an extension of the exercise period of stock options from 12 to 36 months. The company is committed to supporting its team members during this transition phase as well.
Legal battle with the US SEC
The restructuring takes place against the backdrop of a legal battle with the US Securities and Exchange Commission (SEC). Consensys continues to oppose what it sees as excessive regulation by the SEC on the Ethereum ecosystem. Lubin denied that legal fees influenced the decision to restructure, emphasizing that the costs were necessary to defend the industry’s interests.
Independent of external pressure, Consensys itself is working to decentralize its operations, something that Ethereum co-founder Vitalik Buterin also previously called for. Lubin indicated that Consensys has been following this course for some time without additional external pressure.
All departments will be affected by restructuring
The restructuring affects all departments, without specific teams being particularly affected. The focus will be more on products such as MetaMask and Linea, while Infura, which has already been transformed by the decentralized DIN network, remains crucial to the operation of MetaMask. The company is exploring expansion into various blockchains, both based on the Ethereum Virtual Machine (EVM) and other systems.
This restructuring is in line with Consensys’ long-term vision to convert products such as MetaMask and Infura into open protocols. With this, the company wants to continue developing innovative, decentralized solutions for the fast-growing blockchain ecosystem.
Source: https://newsbit.nl/consensys-voert-grote-herstructurering-door-20-minder-personeel-en-focus-op-decentralisatie/
