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Metamask parent company, ConsenSys confirms lay offs

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Metamask parent company, ConsenSys confirms lay offs

ConsenSys, the parent firm of Metamask, has joined the slew of companies that are reducing their headcount. The firm confirmed that it would be firing a portion of its employees in a blog post today. ConsenSys stated that it would be cutting its workforce by 11%. With this, 96 employees would be losing their jobs.

ConsenSys way of weathering the storm

Notably, Joseph Lubin – founder of ConsenSys – stated that the cause of the action was “challenging and uncertain market conditions”. Lubin also pointed out that the current crypto bear cycle “coincides with a very challenging macroeconomic environment driven by surging inflation, lagging economic activity, and increased geopolitical unrest”.

The founder also stated that the recent collapse of centralized finance platforms in the crypto space has added to the distrust and pullback. In addition, he stated that the goal of the decision was to reduce operating costs while keeping the focus on the product team. Lubin stated that the product team would continue to grow and gain access to all the right resources. He further stated,

“This challenging moment presents an opportunity to move from outsourcing trust to organizations that have failed repeatedly, to a future where decentralized systems automate trust and enable individuals and communities to control their own assets and financial futures.”

Story is still developing…

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Priya is a full-time cryptocurrency writer at AMBCrypto concentrating mostly on privacy coins. A graduate in economics, Priya focuses on developments on Ethereum and blockchain technology.

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ConsensYs

Software Firm Consensys Partners With Paypal, Metamask Users Can Use Payment Processor To Buy ETH

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Software Firm Consensys Partners With Paypal, Metamask Users Can Use Payment Processor To Buy ETH

On Dec. 14, the Ethereum software firm Consensys announced that the company has teamed up with the payment processing giant Paypal. The integration allows Metamask wallet users to purchase ethereum via Paypal from within the Web3 wallet application.

Consensys Teams up With Payments Giant Paypal

According to Consensys, Metamask users can now purchase ethereum (ETH) using the payment provider Paypal. The financial technology company Paypal started offering cryptocurrency services in 2021 and the company’s CEO detailed that demand for crypto outstripped initial expectations.

The Ethereum software firm Consensys explained Wednesday it has teamed up with Paypal, and the team further detailed that “Metamask will be the first Web3 wallet to leverage PayPal to drive more successful on-ramp transactions.” Essentially, the partnership will allow users to utilize their Paypal account to purchase ethereum (ETH) after the Metamask owner logs into the Paypal platform via the wallet.

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Consensys’ blog post adds that the Paypal integration with Metamask is just one of the “series of announcements” that will be associated with the Metamask mobile wallet. “This integration with Paypal will allow our U.S. users to not just buy crypto seamlessly through Metamask, but also to easily explore the Web3 ecosystem,” the product manager for Metamask, Lorenzo Santos said.

The partnership announcement follows the controversial Consensys privacy policy news that details the company collects specific data from Metamask users. Paypal has also been dealing with controversy in recent times after the company erroneously published a terms of service (ToS) document that said people who spread disinformation would be fined $2,500. However, Paypal claimed the ToS “notice recently went out in error that included incorrect information.”

Tags in this story

ConsensYs, data, ETH, ETH purchase, ether, ether Paypal, Ethereum (ETH), Lorenzo Santos, metamask, Metamask Wallet, Paypal, Paypal Ethereum, Privacy Policy, purchase ETH, terms of service, ToS, Web3, Web3 ecosystem, Web3 wallet, Web3 wallets

What do you think about Metamask implementing Paypal into the wallet so Web3 users can purchase ethereum within the app via Paypal? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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ConsensYs

MetaMask, its updated policy, and all there is to know about the recent outrage

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MetaMask, its updated policy, and all there is to know about the recent outrage

MetaMask’s updated privacy policy has been a trending topic in the crypto market especially in the last few days. Individuals on crypto twitter advocating privacy have accused MetaMask of attempting to breach the user’s right to privacy with their new update. However, company officials have refuted any such claims. 

A quick dive into MetaMask’s updated privacy policy 

On 23 November, the popular crypto wallet revised its privacy policy. As per the new update, details regarding users’ IP address as well as their Ethereum [ETH] wallet address would be gathered by Infura. 

Infura happens to be MetaMask’s default Remote Procedure Call (RPC) provider. The updated policy was published on the official website of ConsenSys, the parent firm of MetaMask. 

Users on twitter were quick to scrutinize the revision and soon pointed out the shady details in the new policy.

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“When you use Infura as your default RPC provider in MetaMask, Infura will collect your IP address and your Ethereum wallet address when you send a transaction.” the policy read. 

Word from the ConsenSys founder 

Joseph Lubin, the founder of ConsenSys, took to Twitter on 26 November to address what he referred to as “misunderstandings” regarding MetaMask’s updated privacy policy. In a lengthy twitter thread, Lubin explained how ConsenSys was just the developer of MetaMask. Furthermore, its default RPC provider Infura, and that it had no part in the wallet’s operations.

Our legal team endeavors to state the policies accurately and clearly, but since the systems are complex and English can be ambiguous, sometimes the legal team introduces ambiguities. We apologize for any confusion we may have caused.

21/21

— Joseph Lubin (@ethereumJoseph) November 25, 2022

“Infura takes requests from MetaMask (or other software products that use it) and returns answers to those requests. Some of those requests require data to read it from the blockchain.” he said.

According to Lubin, Infura requires the IP address, as well as the blockchain address to process requests from MetaMask. He added that this was a standard industry practice. 

Considering the situation at hand, the ConsenSys chief proposed a solution involving the decentralization of RPC providers. According to him, several projects, including Infura, are working towards a solution that would bring more decentralization without compromising the performance. 

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ConsenSys’ responds

Following the initial policy update, ConsenSys also released a statement to address the outrage over alleged attempts to rob users of their privacy. The firm clarified that MetaMask’s latest update did not result in intrusive data collection or data processing. 

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Adam Cochran

Ethereum Software Company Consensys Collects User Data, Privacy Policy Discloses

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Ethereum Software Company Consensys Collects User Data, Privacy Policy Discloses

Crypto users have been complaining about a recent Consensys privacy policy update that says when Infura is leveraged as a remote procedure call (RPC) via Metamask, wallet and IP address data is collected. The news follows a similar decision the decentralized exchange (dex) platform Uniswap recently made concerning data collection. The dex platform’s operator, Uniswap Labs, revealed that the company’s software collects its users’ onchain data to bolster “data-driven decisions that improve user experience.”

Consensys Privacy Policy Reveals User Data Collection

The digital currency community and the social media demographic known as ‘crypto Twitter’ (CT), has been talking an awful lot about Consensys’ privacy policy. The privacy policy applies to the firm’s Ethereum infrastructure platform Infura and the Web3 wallet Metamask.

According to the policy, if a user leverages Infura and an RPC using Metamask, the software will collect the user’s crypto address and IP information. Infura, however, is Metamask’s default RPC provider and another RPC can be utilized. For instance, if a user operates its own node. Users can also switch to another RPC like Tatum, Moralis, Alchemy, and Quicknode.

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“ConsenSys is committed to maintaining the highest standards when it comes to your privacy”

Also, we collect basically every available piece of data from you other than a DNA sample.

If you aren’t using a custom RPC for Metamask, I’d suggest doing so now. pic.twitter.com/WizpplYRFE

— ℭ𝔶𝔭𝔥𝔯.Ξ𝔱𝔥 (@CyphrETH) November 24, 2022

If the user switches the RPC calls on Metamask from Infura to something else, the user’s crypto address and IP information won’t be collected. The Consensys move follows Uniswap Labs explaining a similar decision in a blog post called “Uniswap Labs’ Commitment to Privacy.”

Uniswap’s decision was criticized a great deal and Consensys’ privacy policy started making the rounds on Nov. 24. The Metamask and Infura subject has been getting just as much flak on social media and crypto-related forums. Bitcoin supporter and editor at satoshipapers.org, Tuur Demeester, shared his two cents about the situation.

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“Etherean wakes up to the value of running his own full node, only to realize that’s no longer an option,” Demeester tweeted. “To wit: First centralized stakers began censoring transactions. Now Metamask, the main [Ethereum] access provider, is recording IP and wallet addresses.”

Ethereum supporter Adam Cochran said it was a “dumb move.” “Alright this Metamask privacy lapse is yet another dumb move from Consensys,” Cochran tweeted. “Shill me your best easy self-hosted nodes either hardware or SaaS service,” he added.

Metamask tweeted about the situation on Nov. 24 explaining that the privacy policy was updated the day prior. “The language in our privacy policy was updated on November 23rd,” the Metamask wallet’s official Twitter account said. “Nothing has changed in the way MetaMask and Infura operate. Here’s a statement clarifying what we do with user data (spoiler: nothing).”

The statement Metamask shared was a blog post published by Consensys which says “the updates to the policy do not result in more intrusive data collection or data processing, and were not made in response to any regulatory changes or inquiries.”

Tags in this story

Adam Cochran, Alchemy, ConsensYs, Crypto Twitter (CT), CT, digital currency community, Ethereum infrastructure, Full Node, Infura, Infura’s service, metamask, Metamask Infura, Metamask Wallet, Moralis, policy, Privacy Policy, Quicknode, RPC, Tatum, tuur demeester, Uniswap Labs, Web3 wallet

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What do you think about Consensys’ privacy policy update? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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