Blockchain software company ConsenSys has laid off about 11% percent of its staff.
The round of cuts affected a total of 96 employees, the firm said in a statement on Wednesday, confirming reports from last week.
"Our current bear market also coincides with a very challenging macroeconomic environment driven by surging inflation, lagging economic activity, and increased geopolitical unrest," said ConsenSys founder Joseph Lubin.
Going forward, ConsenSys will be streamlining the company and focusing its "business on the core value drivers," such as a MetaMask end-user and developer platform and Infura’s developer platform.
"Some of the poorly behaved CeFi actors in our space have brought a reckoning on themselves which has cast a broad pall on our ecosystem that we will all need to work through," Lubin also said. "Ultimately this will be a net positive for the ecosystem."
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