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ConsenSys, the creator of the cryptocurrency wallet MetaMask will eliminate 100 employees or more, as per someone familiar with the situation.
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The New York City-based Ethereum studio has a total of 800 employees.
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The proposed cuts are believed to be still getting finalized.
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The exact number isn't yet known, the source said.
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It's compounding what's already a difficult week for the crypto industry.
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U.S. trading platform Coinbase is also announcing reductions of 20 per cent of their workforce, roughly 950 jobs, on Tuesday.
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CoinDesk estimates that close to 27,000 job losses have occurred throughout the sector since the beginning of April last year.
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ConsenSys declined to make a statement.