Fun

Consensys Cuts Hundreds of Jobs This Year – About 25% of Its Staff Slashed

News Feed - 2020-04-22 09:04:19

Consensys Cuts Hundreds of Jobs This Year - About 25% of Its Staff Slashed


Ethereum-based company Consensys has cut hundreds of jobs since January. In its latest action, the US-based blockchain development team confirmed it will slash more than 90 jobs – or 14% of its workforce – citing the global impact of Covid-19.


The decision comes after a virtual town hall meeting on April 20, reports say. The number of employees sacked at Consensys this year now runs into a few hundred, following another round of dismissals in February. Then, 14% of the staff were sent home.


In a statement, Consensys said it is rebalancing its priorities and re-evaluating timelines in light of the uncertainty brought into the market by the pandemic. “In such an environment, we must make changes to conserve resources and ensure our continued ability to support our customers, drive innovation, and serve the broader ecosystem,” the Joseph Lubin-led company said.


The firm, whose global team features software developers, security experts, lawyers, entrepreneurs, and others, will provide dismissed employees with two months of severance pay and career transition services.


Continued the statement:All key operational aspects of the business are preserved to ensure the development and service of key products and solutions. Consensys remains focused on a core mission to enable developers and enterprises to deploy and operationalize blockchain-based products.


The February job losseswere billed as part of a restructuring exercise that sought to separate the company’s software development from its venture activities. Jobs across human resources, finance, and marketing were affected while product teams were left intact.


Consensys said it is currently working on “crisis-related opportunities such as Central Bank Digital Currencies (CBDCs), emergency loans disbursement solutions, supply chains for personal protective equipment (PPE), and related identity solutions.”


In 2018, the company laid off over 1,000 employees, around 13% of its workforce at the time. Consensys was founded in 2014 and operates in more than 30 countries.


What do you think about job losses in crypto sphere? Let us know in the comments section below.Bitcoin Halving Searches Surge - Phrase Touches Google Trends All-Time HighNEWS | 11 hours agoFederal Reserve Index: The US Is Already in RecessionNEWS | 17 hours agoTags in this storyBlockchain, Blockchain Projects, Central Bank Digital Currencies, Civid-19, ConsensYs, Ethereum, job cuts, Joseph Lubin


Image Credits: Shutterstock, Pixabay, Wiki CommonsUse Bitcoin and Bitcoin Cash to play online casino games here.Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

DeFi TVL breaches $100B, MakerDAO readies DAI ‘Endgame:’ Finance Redefined
Prashant Jha4 hours agoDeFi TVL breaches $100B, MakerDAO readies DAI ‘Endgame:’ Finance RedefinedThe total value locked in DeFi protocols has breached $110 billion — but it’s still short of the $189 billion all-t
Proposals for New Common Currency Resonate in Latam, to Undermine US Dollar Dependency
Proposals for New Common Currency Resonate in Latam, to Undermine US Dollar Dependency Two new proposals for a new common currency to be established in Latam have been made recentl
Bitcoin Hashrate Hits New All-Time High — Can Price Reclaim $100,000?
Este artículo también está disponible en español. According to recent blockchain data, the Bitcoin hashrate has been on the rise as it touched a new all-time high on Frid
Pro-Bitcoin Miami Mayor Says He Will Take Next Paycheck 100% in BTC
Pro-Bitcoin Miami Mayor Says He Will Take Next Paycheck 100% in BTC The mayor of the U.S. city of Miami says that he is going to take 100% of his next paycheck in bitcoin and becom
Retail Giant Newegg Unveils Shiba Inu Support on Massive Billboard: SHIB to Be Accepted for Payments in December
Retail Giant Newegg Unveils Shiba Inu Support on Massive Billboard: SHIB to Be Accepted for Payments in December A leading tech-focused retailer, Newegg, has announced its support
William Suberg6 hours agoNew BTC price levels to watch as Bitcoin avoids $36KBTC price liquidity is on the move as analysts say the Bitcoin “gameboard is changing” — another squeeze may result.4971 Total views7 To
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry The World Gold Council’s (WGC) head of global sales and regional CEO, Joe Cava
Visa to Approve Cryptocurrency Card by Australian Startup
Visa to Approve Cryptocurrency Card by Australian Startup Visa is reportedly set to approve Australian crypto startup Cryptospend’s issuance of debit cards
France Proposes EU-Wide Cryptocurrency Regulation
France Proposes EU-Wide Cryptocurrency Regulation France has proposed giving more power to the Paris-based European Securities and Markets Authority (ESMA) and m
Mike Novogratz Says Bitcoin Should Bottom Around $40K, Sees ‘Tremendous’ Demand From Institutional Investors
Mike Novogratz Says Bitcoin Should Bottom Around $40K, Sees "Tremendous" Demand From Institutional Investors Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to botto
Gareth Jenkinson10 hours agoTether, Bitfinex agree to drop opposition to FOIL requestTether and Bitfinex say the decision not to appeal the Freedom of Information Law request by several media outlets was made in the inte
$4 Billion US Fintech Startup Sofi Receives New York Bitlicense
$4 Billion US Fintech Startup Sofi Receives New York Bitlicense Sofi is a startup valued at over $4 billion which is focusing on providing millennials with student loan refinanci