ConsenSys Job Cuts Did Not Exceed 10% Of Its Employees And Kept Core Developers Intact
A few weeks ago, a report spread on the internet regarding ConsenSys firing between 40% and 60% of the company’s staff after the bear market that affected the industry during 2018.
However, the recent layoffs at the blockchain software company do not exceed 10 percent of the staff. This is according to the company’s Executive Director of Enterprise and Social Impact, Vanessa Grellet.
During a conversation with Cointelegraph about these issues, she explained that the staff cuts were a movement that the company had to do.
On the matter, she commented:
“I’ve been at the company for two years and a half. When I joined it, we were 60, and we grew to a company that has 1,200 employees all over the world. The way we hired people was related to where the opportunities were, projects, etc., and we grew a little bit fast.”
Grellet mentioned that this is part of a natural evolution of the company in a crypto market that needs to become more mature. Additionally, she said that this is not related to price changes in digital assets. Furthermore, she compared this issue with similar processes taken by financial companies.
She went on explaining that the crypto and traditional market industries are completely different in terms of maturity.
One of the things discussed was related to the problems that some companies in the crypto industry are facing nowadays. Although the industry is not experiencing a positive moment, blockchain technology has great future potential.
As mentioned before, some reports talked about ConsenSys cutting up to 60% of its staff to remain competitive in the blockchain market. Joseph Lubin, the co-founder of Ethereum and founder of ConsenSys, explained that they were rebalancing their priorities and focus on profit.
Now, the company has cut 10% of its employees.