ConsenSys, a company that develops various services on the Ethereum blockchain, including the cryptocurrency wallet MetaMask, has announced a 20% reduction in workforce. Joe Lubin, the CEO and co-founder of ConsenSys, described this decision as a challenging one.
According to Lubin, the significant reason behind the company’s impact that led to the necessity of downsizing is the multiple lawsuits and investigations by the SEC (Securities and Exchange Commission). This has resulted in increased expenses to fight these legal battles, with ConsenSys believing that the SEC lacks clear regulatory boundaries.
ConsenSys stated that the company has shifted its focus to develop revenue-generating products specifically, such as MetaMask, Infura, Truffle, Diligence, Besu, Teku, GNARK, DIN, and Linea, while still maintaining its vision to support future projects on the Ethereum platform.
Source: ConsenSys
TLDR: ConsenSys, a leading Ethereum service provider, announced a 20% workforce reduction due to legal challenges and regulatory uncertainties, refocusing on revenue-generating products while continuing to support Ethereum projects.
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