ConsenSys CEO says layoffs help to retain goals amid the macroeconomic situation
The CEO of ConsenSys noted that the company is now financially healthy because of its recent layoffs.
Joseph Lubin is a Canadian-American entrepreneur. In the past, Lubin founded and co-founded many companies including the Swiss-based EthSuisse. Initially, he contributed heavily to the Ethereum blockchain. In the crypto sector, he is known for his company ConsenSys, a private blockchain software technology company which is located in New York City.
On 7 Feb 2023, Joseph Lubin appeared in an interview with Cointelegraph’s Building Blocks 23 event. In the interview, the ConsenSys founder talked about the recent layoff decision of the company.
Joseph said that the company retained its potential to reach future goals despite an 11% reduction in the company’s workforce.
ConsenSys founder noted that the decision to reduce the workforce was taken to maintain the financial position of the company amid critical “macroeconomic and geopolitical” situations.
Joseph said:
“There are some pretty concerning things happening still in supply chains, in materials and chips, in VC financing, potentially there’s a lot of dry powder out there, but there’s gonna be a lot of companies going into the market at the same time. And VCS are not kind and generous. They’re going to withhold until some sort of shakeout happens in the tech space I believe.”
ConsenSys & controversy
The popular decentralised Ethereum wallet MetaMask is a product service of the ConsenSys company. In Q3 2022, ConsenSys released an update to change the data privacy policy of MetaMask users.
Through the new privacy policy announcement, ConsenSys confirmed that it will store data of users like IP address, corresponding crypto address, name, etc.
After the new privacy policy, many MetaMask users jumped against ConsenSys and said that the company now wants to make money with user’s data.
Later ConsenSys founder responded to this controversy officially and confirmed that the company will not share user data with any party & soon the company will change its privacy policy & only store data for up to 10 days only to provide better user experience.
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