Ethereum development company ConsenSys will be laying off 11% of its staff, as indicated by its CEO Joseph Lubin In an open letter on Twitter confirming this difficult action due to the tough condition brought about by the crypto bear market that has affected the workforce of the company.
The CEO also highlighted the greed of the crypto industry that has led to many crypto companies going bankrupt, with the likes of FTX, 3AC, LUNA, and others being part of the domino effect that has placed many companies and projects in a difficult spot.
Apart from the fear and greed dominant in the crypto space as outlined by ConsenSys CEO, the current macroeconomic difficulties have also had a huge impact on the current situation of the crypto space, making it difficult for many companies and creating unrest as a result of surging inflation.
The Ethereum (ETH) development company ConsenSys through its CEO Joseph, stresses that this tough decision is required to strengthen the core values of its companies, including the likes of MetaMask and Infura_io, as this will enhance the development of people to build on, access, and use web3 enabling MetaMask to continue as a permissionless web3 platform.
This decision will enable ConsenSys to pursue an innovative new offering and to empower developers and creators who are striving to make web3 more accessible for many as they grow other avenues like web3 commerce, DAO communities, and decentralized identity.
ConsenSys CEO’s goal in streamlining the company is to reduce operating costs while increasing the strength and focus of product teams to reach its goal and continue to strive.
The CEO believes this challenging moment gives opportunities for companies that have struggled and others that have failed to build a strong, better-decentralized system in the future.
Departing employees have been assured of support and employee packages as they transition to a new journey.
Ethereum (ETH) Price Daily Chart Analysis
The price of ETH has shown so much strength, rallying from its low of $1,200 as the price has a minor relief to a region of $1,600 where the price faces rejection to trend higher.
The price of ETH, despite its rally, needs to reclaim the region of $1,600 to enjoy more relief to a region of $2,000.
The price of $1,500 continues to serve as strong support for the ETH price as it holds above the 200 Exponential Moving Average (EMA). A break and close below this region of $1,400 could see a price retest of $1,350.
Image From Marca, Chart From Tradingview