Ethereum Software Firm ConsenSys to Cut Upwards of 100 Staff as Crypto Bear Market Takes Another Casualty

ConsenSys, the developer of the crypto wallet MetaMask, plans to lay off 100 staffers or more, according to a person familiar with the matter.

The New York City-headquartered Ethereum studio currently has about 900 employees. The planned cuts are understood to be in the process of being finalized, and the exact number is not known at this point, said the source, and later confirmed by the company.

It’s adding to what’s already a bad week for crypto employment, with U.S. exchange Coinbase also announcing cuts of 20% of its staff, or around 950 jobs, on Tuesday. CoinDesk estimates nearly 27,000 jobs have been lost across the industry since April last year.

ConsenSys declined to comment.

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