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Consensys – a blockchain software technology company – and amber group – a cryptocurrency platform based in Singapore – are the last entities in the digital asset business to announce layoffs of personnel.
ConsenSys – a blockchain software technology company – and Amber Group – a cryptocurrency platform headquartered in Singapore – are the last entities in the digital asset industry to announce layoffs.
Adjusting to ‘Uncertain Market Conditions’
Joseph Lubin – CEO of ConsenSys – said his organization made the “extremely difficult decision” to lay off 96 of its employees, or 11% of the total workforce. He stressed that the current difficult macroeconomic context (fuelled by soaring inflation and geopolitical turmoil) is the main reason for the changes.
Lubin assured that everyone who leaves will receive "generous severance packages," extended health benefits, and support in their transition to another company.
The executive has asserted that the dismissals will not divert consensys from its main objectives: to continue to develop the portfolio crypto METAMASK and the provider of web3 API infura.
We will also pursue innovative new offerings to enable developers and creators to flourish on the web3, development of web3 business and dao communities, and boost decentralised identity ecosystems and verifiable credentials," he added.
We will also look for innovative new offerings to allow developers and creators to flourish in Web3, development of Web3 business and CAD communities, and boost decentralised identity ecosystems and verifiable credentials," he added.
Lubin opined that the ongoing uncertainty could be a great opportunity for the industry to move from “outsourcing trust” to a future where decentralized systems enable individuals “to exercise control over their own digital assets.”
The cryptocurrency platform, backed by the investment giant Temasek Holdings, will reportedly lay off 40 Hong Kong-based employees (around 50% of that division) to endure the crypto winter. Outgoing members are essentially specialists and listeners.
Outgoing members are primarily information technology specialists and auditors.
The Orange Group has already stated that it is anticipating and preparing to take an extremely conservative position in order to be able to make the long journey, although this implies returning to the basics of activity during this period.”
2022 has been quite destructive for the platform. It dismissed 5-10% of its headcount in September and continued the spree in December. The amber group has also implemented wage cuts and cancelled some of its collaborations, including with the popular English football club: chelsea fc.
The most shocking event was the unexpected death of the co-founder – tiantiantian kullander. The 30-year-old mysteriously passed away in his sleep in November.
The disappearance of ftx also negatively impacted the operations of the orange group. The latter ensured that he had no exposure to the collapsed stock exchange or alameda research.
Amber Group secured a $300 million fundraiser in December and vowed to distribute the capital to clients affected by the aforementioned crash.
