ConsenSys is reportedly making plans to lay off more than 100 workers from its team amidst gloomy market conditions.

ConsenSys is a New York-based web3 company dedicated to developing next-gen enterprise-grade Ethereum-powered solutions. Currently, it may be looking to slash its workforce.

Sources close to the matter told Coindesk that the company is finalizing plans to lay off about 100 staffers, out of its roughly 900 employees. Coin Insider Daily has reached out to the Consensys team, but they did not respond to the request at press time.

Crypto companies are laying off staff

The ongoing crypto winter, which has been described as one the worst in the history of the industry, has seen countless established bitcoin (BTC) linked businesses kick the bucket, with several others resorting to downsizing to weather the storm.

Last week, reports emerged that Silvergate, a publicly traded crypto-friendly bank, is letting go of about 40 percent of its employees due to the current market downturn. 

Leading US-based digital assets exchange Coinbase revealed plans to sack another 950 employees and slow down operations in Japan after laying off over 1,000 workers in June 2022.