ConsenSys – a blockchain software technology company – and Amber Group – a cryptocurrency platform based in Singapore – are the latest entities in the digital asset sector to announce staff layoffs. 

The former will trim its team by approximately 11%, while the latter reportedly plans to reduce its Hong Kong division by 50%.

Joseph Lubin – CEO of ConsenSys – said his organization made the “extremely difficult decision” to lay off 96 of its employees, or 11% of the total workforce. He outlined the current challenging macroeconomic environment (driven by surging inflation and geopolitical unrest) as the main reason for the amendments.