The developer of MetaMask will lay off 47 people amid the rise of the cryptocurrency market

The company ConsenSys, which is behind the development of the most popular Web3 wallet, will lay off 47 people — 7% of its total workforce, Bloomberg reports.

Restructuring is part of the strategy to achieve profitability, explained the company led by Ethereum co-founder Joseph Lubin. He also serves as the chairman of the board of SharpLink Gaming — a firm actively accumulating Ethereum on its balance.

SharpLink Gaming — the most prominent proponent of the corporate Ethereum strategy. The company holds 0.3% of the supply of the second largest cryptocurrency by market capitalization. Source: Strategic ETH Reserve. Recently, ConsenSys acquired the Web3Auth startup, which has a team of about 30 people. All employees continued to work as part of the company.

The main goal is to increase the usability of the wallet. In addition, ConsenSys intends to simplify the management of seed phrases, considering them one of the key risks in self-custody of assets.

The company behind MetaMask cut its staff by 11% at the beginning of 2023. Last year, ConsenSys laid off 162 people, 20% of the total workforce, citing regulatory uncertainty and a challenging macroeconomic environment.

Recall that in February, Lyubin reported a preliminary agreement with the SEC to withdraw the lawsuit against ConsenSys.