New Layoffs Hit Ethereum Incubator ConsenSys

ConsenSys is laying off dozens more staffers, two people familiar with the matter tell CoinDesk.

Announced at a company town hall Monday, the Brooklyn-based firm known for incubating Ethereum projects is cutting roughly 120 people, one of the sources said. That’s more than 10 percent of the firm’s headcount.

The move follows a round of layoffs announced in February. Those cuts shrunk the firm’s headcount by approximately 14 percent, the company said at the time.

Led by Ethereum co-founder Joseph Lubin, ConsenSys laid off about 13 percent of its workforce in a late-2018 restructuring dubbed “ConsenSys 2.0.” The cuts in February 2020 were related to that strategic overhaul.

ConsenSys has yet to respond to CoinDesk’s request for comment.

This is a developing story.

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