Blockchain firm Consensys is planning to take tough measures as part of its restructuring roadmap. The Texas-headquartered company, that was founded by Ethereum co-founder Joseph Lubin in 2014, controls the popular MetaMask wallet app and develops blockchain-enabled protocols, tools, and solutions. In order to elevate its profitability quotient, the company is reportedly preparing to slash its workforce by seven percent in the coming days.
This round of layoffs could affect at least 49 employees, a Bloomberg report said on Tuesday, July 22, citing a company spokesperson.
The report on this development comes roughly a month after Consensys acquired Web3Auth, a company that provides Cloud-backed infrastructure for Web3 wallets and decentralized apps (dApps). Without confirming the firm’s name, the Bloomberg report said that the 30-staff members of Consensys’ “recently acquired startup” are safe from the layoffs for now.
After reducing its current workforce, Consensys reportedly plans to hire new talent to meet the streamlined requirements of its upcoming projects.
As of now, the company has neither confirmed nor denied the report. Back in October 2024 as well, Consensys had slashed its workforce by 20 percent.
Beyond the boom: Crypto firms reset headcounts
In the last seven months between January and July this year, multiple crypto firms have resorted to slashing their staff strengths — mostly owing to restructuring reasons and operational changes.
In March, for instance, Australian crypto exchange Swyftx also let go of around 90 employees. The same month, Jack Dorsey’s crypto-friendly fintech firm Block also announced layoffs for around a thousand employees as part of operational changes.
Crypto exchange Kraken joined the list of job-cutting crypto firms in April when it initiated its internal reorganization and slashed hundreds of redundant roles, reports had claimed.
Despite the recent layoffs, crypto-focused recruitment firm RecruitBlock has predicted that the year of 2025 will introduce more jobs in the sector owing to institutional interest in the industry as well as the growing regulatory oversight over crypto firms. Citing numbers from the U.S. Bureau of Labor Statistics (BLS), the agency said that the demand for blockchain developers could clock a 22 percent growth this year, outpacing the average growth rate for other tech roles.