MetaMask Developer to Make Mass Layoffs

On Wednesday, a source familiar with the matter reported to CoinDesk that Ethereum software firm ConsenSys, the company behind crypto wallet MetaMask, is planning to lay off at least 100 employees.

ConsenSys, based in New York, currently has around 900 employees, according to its LinkedIn page.

When asked to comment, a ConsenSys spokesperson declined to provide any additional information. This news comes amidst an ongoing downsizing trend in the tech and crypto industry this year.

Coinbase, the largest U.S. cryptocurrency exchange, reported on Tuesday that it was planning to lay off around 950 employees, or about 20% of its current workforce.

Huobi, a crypto exchange based in Seychelles, is also planning to cut its headcount by 20%, according to a Reuters report last week.

Genesis Global Trading, a wholly-owned brokerage subsidiary of Digital Currency Group, recently announced a 30% staff reduction to remain afloat with 145 employees.

This comes after the company did a 20% downsizing in August of 2020.