By Michael Scott
The Chief Executive Officer of ConsenSys has announced an 11% headcount reduction amid the prolonged crypto winter. The CEO argued that the current bearish market forced ConsenSys to reroute its resources to improve its business performance.
ConsenSys Downsizing its Headcount
The popular next-gen apps and blockchain infrastructure developer ConsenSys has joined other high-profile crypto firms in slashing the workforce. The ConsenSys CEO Joseph Lubin broke the long silence on Twitter with unwelcoming news of reducing 96 staff to adjust to the current crypto market condition. Lubin also lamented that letting go of the company team players was the most difficult decision.
In a January 18 Tweet, Lubin revealed that “unscrupulous players” in the centralized finance sector contributed to the current crypto market turmoil.
He announced that the sluggish crypto market forced ConsenSys to redirect its resources to its main businesses. Such businesses include Web3 activities, custodial services, the DAO ecosystem, and the newly launched developer software Infura. Lubin also announced plans to invest in improving the performance of ConsenSys affiliate company MetaMask.
Sokolin Prediction
Before the layoff plans, ConsenSys director of crypto-economics Lex Sokolin had announced that the emerging technology might hinder global crypto adoption.
According to Sokolin, the crypto wallet MetaMask was at a pivot point to flourish during the previous massive bull run. Sokolin argued that over 30 million crypto users utilized the crypto wallet to conduct crypto-related transactions in decentralized autonomous organizations (DAO), Defi protocols, and NFT collections.
However, Sokolin regretted that the number of MetaMask users was below the 500 million mark. When the bulls were active, the thirty million users failed to show positive signs of crypto adoption.
Facilitating Crypto Adoption
Sokolin restated that the quest to attain high mass adoption of cryptocurrency requires investors and businesses to increase their use of digital assets. He also advocated for a friendly ecosystem to support the crypto assets users.
He stated that the regulators’ efforts to develop tougher crypto regulation and investor protection might fail to attain the desired crypto adoption. He proclaimed that improving the Web3 ecosystem will push the adoption bar higher.
Despite the increasing Web3 activities, Sokolin confirmed that, at the moment, the main focus should be on economic adoption that will pave the way for other ecosystems to thrive.
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