Crypto Job Losses Surge as ConsenSys Plans Layoffs

Bulletpoints:
– ConsenSys, the developer of the crypto wallet MetaMask, is planning to lay off 100 staffers or more.
– The New York City-headquartered Ethereum studio currently has about 900 employees.
– CoinDesk estimates nearly 27,000 jobs have been lost across the industry since April of last year.

The crypto industry has seen a significant downturn in employment opportunities since April of last year, and this week is no exception. ConsenSys, the developer of the crypto wallet MetaMask, is planning to lay off 100 staffers or more, according to a person familiar with the matter. The New York City-headquartered Ethereum studio currently has about 900 employees, and the planned cuts are understood to be in the process of being finalized. The exact number of jobs lost is not yet known.

CoinDesk estimates that nearly 27,000 jobs have been lost across the crypto industry since April, based on media reports and press releases. This is in addition to the 950 jobs that were cut from Coinbase earlier this week. ConsenSys declined to comment on the specifics of the layoffs.

The crypto industry has been hit hard by the coronavirus pandemic, with many companies drastically reducing their staff in order to remain afloat. This is especially true for those in the space who are developing blockchain-based applications, as the technology is still in its early stages and is not yet as widely adopted as other technologies.

As the industry continues to evolve and mature, it is likely that more job losses will be seen in the coming months. However, the industry is also seeing an increase in investment and interest, so there may be a corresponding increase in employment opportunities as well. Only time will tell.