New York-based ConsenSys, one of the leading blockchain developers, announced a major restructuring that will cut about 14% of its workers.
Product Teams Will Not Be Affected
ConsenSys came out six years ago as an Ethereum venture production studio and has operated this way since then. The company has backed over 100 blockchain firms with over $100 million in investment in the last four years. Separately, ConsenSys has promoted Ethereum-based solutions for over 300 clients worldwide, including 50 enterprise clients.
Now the blockchain leader wants to separate its software development business from its venture activities. The restructuring will reduce headcount by about 14%. While the company didn’t specify which business would lose more workers, a spokesperson told Reuters that the most affected roles would be across human resources, finance, and marketing. The product teams will be unaffected.
As a result, ConsenSys will continue to develop its two separate strategies:
The software business, which comprises several of its products optimized for a modular stack, including Metamask, Codefi, Infura, and PegaSys. This division will revolve around two key objectives:
To offer developer tools and infrastructure for the developer, startup, and decentralized finance communities;
2. Help companies operating in the financial services, trade finance, and commerce markets benefit from the blockchain technology.
ConsenSys Investments will carry on with its typical venturing activities by expanding its current portfolio that includes blockchain-oriented startups.
“This restructuring is a critical step toward enabling ConsenSys to continue to drive innovation, better serve its customers and the broader ecosystem, and keep pace with accelerating market growth,” the company said in a statement on Tuesday.
ConsenSys Continues to Support Ethereum Ecosystem
The company said that it remained dedicated to the Ethereum ecosystem by supporting across public mainnet projects and institutional and enterprise projects.
Consensys and The Ethereum Foundation (EF) are currently working on phase two development for Ethereum 2.0. The latest update is adding state and execution to the Ethereum shards.
Do you think ConsenSys restructuring proves that the blockchain hype is fading? Share your thoughts in the comments section!
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Consensys is reducing its workforce by 20%, a move designed to streamline operations and reinforce its leadership in the web3 space, according to an Oct. 29 release. The staff cuts are part of its new restructuring plan, which aims to strengthen its long-term sustainability and commitment to decentralization as it navigates tough economic conditions and […]
The post Consensys cuts workforce by 20% amid restructuring appeared first on CryptoSlate.
The Ethereum development studio ConsenSys is doing a major restructuring of its business and will cut staff by 14%, as it aims to raise $200 million. The Brooklyn-based company announced at a meeting with its entire staff from Tuesday that changes are about to be made.
Joseph Lubin, the co-founder of Ethereum and one of the crypto titans, accurately called the bottom of the 2018 bear market. Amidst the mass layoffs and restructuring of ConsenSys, and contrary to the “epic amount of fear, uncertainty, and doubt” in the market, Lubin asserted the industry has a “very bright” and exciting future.
The Singapore based NEM Foundation is the latest to suffer from the prolonged bear market as it faces bankruptcy fears and axes staff. In recent months a number of crypto companies including Bitmain, ConsenSys, Huobi and Blockfolio have downsized and cut staff in the midst of the ever deepening crypto winter.
The continued bear market is taking its toll on cryptocurrency investors, miners, and businesses alike, and has prompted ConsenSys to consider restructuring its business plans so it can adapt to the new market environment and continue to thrive.
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