ConsenSys, the team behind Crypto wallet infrastructure MetaMask, and Infura, is reportedly planning to lay off 100+ employees. The NYC-based Ethereum studio currently has 900 employees. The exact number of cuts is not yet confirmed, but the process is understood to be in the final stages.
This latest development from ConsenSys comes as another blow in a recent wave of crypto job cuts. According to reports and press announcements, roughly 27,000 jobs have been lost in the crypto industry since April, 2022.
ConsenSys has raised over $726 million according to a Crunchbase report, they’ve raised more money over the past few months. ConsenSys raised $200 million at a $3.2 billion valuation from Animoca Brands, Coinbase Ventures and HSBC among others.
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Last year the blockchain software technology company raised $450 million in a new round led by ParaFi Capital, with Microsoft, SoftBank, and Temasek also joining as new investors in the company.
According to a ConsenSys spokesperson, its revenue for 2021 exceeded $100 million – mainly due to the growth in the number of MetaMask users due to emerging NFT and DeFi trends. So I guess something huge is truly brewing. This means Metamask, Infura and Consensys would be sufficiently funded.
Joseph Lubin, Founder of ConsenSys and Co-Founder of Ethereum opined that;
ConsenSys have arrived at a breakthrough in how it can build trust into all of their systems. “We are at the beginning of the next revolution, the Trust Revolution.”
In the past, Consensys has been involved in several controversies and lawsuits during the past few years. This includes a High Court challenge in Ireland against the ruling of the Workplace Relations Commission.
Apparently, ConsenSys has announced the launch of their zkEVM private Beta testnet. The private Beta is currently open to a selected number of users, and will be progressively opened up to the community over the coming months.
Concensys’ layer-2 zkEVM is going to be in the lead by a large margin considering they have the advantage of being able to advertise right inside MetaMask, followed by ZKSYNC because they’re also doing a remarkable job.
