ConsenSys and Amber Group have joined the list of companies laying off employees

ConsenSys — a blockchain software technology company — and Singapore-based cryptocurrency platform Amber Group — are the latest entities in the digital asset sector to announce layoffs.

The former will reduce its team by about 11%, while the latter is said to plan to cut its Hong Kong division by 50%.

Adapting to “uncertain market conditions”

Josef Lubin – CEO, ConsenSys – He said His organization made the “very difficult decision” to lay off 96 of its employees, or 11% of the total workforce. He described the current challenging macroeconomic environment (driven by rising inflation and geopolitical turmoil) as the main reason for the changes.

Lubin confirmed that all departing personnel will receive a “generous severance pay,” extended health care benefits and assistance with transitioning to another company.

The CEO argued that the layoffs would not distract ConsenSys from its main goals: further development of cryptocurrency wallet MetaMask and Web3 API provider Infura.

“We will also seek innovative new offerings to enable developers and creators to thrive in Web3, grow commerce across Web3 and DAO communities, and promote decentralized identity and verifiable credential systems,” he added.

Lubin said the current uncertainty could be a huge opportunity for the industry to move from “trust outsourcing” to a future where decentralized systems allow individuals to “exercise control over their own digital assets.”

Amber group puts more people

The cryptocurrency platform, backed by investment giant Temasek Holdings, is said to be coming Lay off 40 Hong Kong employees (about 50% of this department) to withstand the crypto winter. The departing members are mainly IT professionals and accountants.

A person familiar with the matter reported that the Amber Group moved its office from central Hong Kong to a cheaper area in Causeway Bay and was late in payments to third-party suppliers.

Amber Group previously said it “anticipates and prepares for a very conservative stance that can go a long way, even if it means returning to the fundamentals of the core business during this period.”

2022 was absolutely devastating for the platform. the eviction 5-10% of the number of employees in September and the December spree continued. The Amber Group has also implemented pay cuts and canceled some of its collaborations, including the one with famous English football club Chelsea FC.

The most shocking event for the company was the unexpected death of the co-founder – Tiantian Colander. 30 years old under mysterious circumstances Passed away In a dream in november.

FTX’s demise also hurt Amber Group’s business. The latter confirmed that he had no exposure to the crashing exchange or Alameda Research, but was an “active trading participant” in FTX.

Amber group Believer fundraised $300 million in December and promised to distribute capital to clients affected by the aforementioned crash.

The post by ConsenSys and Amber Group after they joined the list of companies laying off employees appeared first on CryptoPotato.

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