This Crypto Firm Plans To Slash 7% Of Its Workforce: Report
Synopsis
Consensys is reportedly planning to let go of 49 employees as a part of a broader profitability push.
Consensys, the blockchain software firm behind the MetaMask digital wallet, is reportedly planning to lay off 49 employees, or about 7% of its workforce.
According to a Bloomberg report, the job cuts are a part of a broader profitability push by the company. A spokesperson stated the company recently acquired a startup with around 30 employees, who will remain at the firm, and that hiring continues in other areas. Consensys’ largest office is in Brooklyn.
The report cited that Consensys cut around 11% of its workforce at the start of 2023, adding that last year, it eliminated around 20% of its workforce, while blaming regulatory uncertainty and broad macroeconomic conditions.
In 2025, the regulatory climate has been more favorable toward cryptocurrencies so far since President Donald Trump took office and anointed himself the ‘Crypto President.’ The U.S. Securities and Exchange Commission (SEC) agreed to dismiss its case against Conensys earlier this year.
Joe Lubin, Consensys CEO and one of Ethereum’s original co-founders, is also chairman of SharpLink Gaming (SBET), a newly launched public company focused on accumulating Ethereum’s native token Ether (ETH) and broader ecosystem growth. SharpLink’s stock gained more than 6% in morning trade on Tuesday and has jumped more than 267% since its launch in May.
Meanwhile, Ethereum’s price dipped more than 4.4% in the past 24 hours as the cryptocurrency market’s valuation fell to below $4 trillion. The second-largest cryptocurrency by market value hit its highest level this year, crossing $3,850, on Monday, but has since pared those gains to trade at around $3,600.
On Stocktwits, retail sentiment around Ethereum slipped lower but remained in ‘extremely bullish’ territory over the past day.
The restructuring at Consensys comes as crypto firms position for public listings, following Circle Internet’s (CRCL) successful IPO in June. Exchanges Kraken and Gemini, along with custody firm BitGo Holdings, are among those preparing to go public in a market that has recently warmed to digital asset players.
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