Ethereum infrastructure developer ConsenSys has become the latest company to reorganize its operational expenses as the market remains highly volatile.
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In a blog post, ConsenSys CEO, Joseph Lubin, said that the company has made a decision to lay off 96 employees, which represents 11% of the workforce. Those who depart will get "generous severance packages based on tenure," the ConsenSys boss said without elaborating on the matter. ConsenSys says the decision was made to be prepared for "challenging and uncertain market conditions."
Earlier in January, US-based cryptocurrency exchange Coinbase also announced reductions by laying off 18% of staff. Coinbase's boss, Brian Armstrong, said that the company hopes to reduce operating expenses down by 25% in Q1. However, the US-based crypto exchange projects that the layoffs will cost it between $149 million and $163 million.
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