Joe Lubin shared some tough news lately, as the company is laying off 20% of its workforce.
This decision comes as a response to global economic pressures and a tricky regulatory environment in the U.S.
Competetive business
Lubin pointed out that rising interest rates, inflation, and tighter liquidity created a cautious atmosphere for Web3 development.
He also highlighted the ongoing regulatory uncertainty, which has made it hard for builders and investors to navigate the industry.
He mentioned that Consensys, like many other companies, is dealing with several cases from the SEC. Lubin believes these actions are stifling innovation and costing blockchain companies millions of dollars in unnecessary expenses.
Lubin remains optimistic about the future of the Web3 ecosystem, and he noted that while progress is being made, widespread adoption is still on the horizon.
Both Web3-native companies and traditional businesses are starting to explore this space.
Decisions
To adapt to the current financial climate, Consensys is taking what Lubin calls atough but prudent approach to streamline operations.
He revealed that these layoffs are meant to position the company for ongoing rapid innovation and resilience against potential economic shifts.
For those affected by the layoffs, Lubin outlined several support measures. Consensys will offer severance packages based on how long employees have been with the company, extend healthcare benefits where applicable, and provide access to outplacement services like one-on-one coaching and networking help.
Additionally, they’re extending stock option exercise windows from 12 to 36 months to acknowledge the contributions of departing staff.
Lubin also reassured everyone that Consensys’ core business remains strong and resilient.
He explained that the company has been refining its strategy to focus on sustainable revenue sources and long-term goals.
This restructuring wants to reinforce Consensys’ role in supporting Ethereum and promoting decentralization.
Decentralized dreams
Since its start, Consensys has built essential infrastructure for Ethereum with products like MetaMask and Infura.
Now, Lubin is looking to transform the company into a decentralized “network state,” where loosely connected teams act as builders within the Consensys ecosystem.
This new structure will support MetaMask and Linea in pushing decentralization forward.
Lubin also highlighted MetaMask’s ongoing development, calling it a gateway for global Web3 access and a platform for developer innovation.
He mentioned plans to enhance the wallet’s user interface and expand its multi-chain capabilities. Plus, with the introduction of the MetaMask card, users can expect even more functionality.
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