ConsenSys Will Cut Even More Staff

The future of “ConsenSys 2.0” is bleak. After sending an ominous email on a Friday night to its employees last month and firing a portion of them soon afterward, the Ethereum-based studio has decided to make even more cuts.

What initially promised as an exciting new start called ConsenSys 2.0 is becoming a nightmare as the studio is simply unable to maintain many of its employees.

The Verge and Coindesk both talked to inside sources and determined that ConsenSys will cut back at least half of its 1,200 people workforce soon. At the beginning of December, 150 people were laid off, about 13% of the staff. More cuts are still to come, sources confirmed.

While the company declined to talk directly to the media, it sent out a report affirming that the company is offering severance packages for people willing to discontinue work and seek outside investments.

ConsenSys has affirmed that, as part of the transition to ConsenSys 2.0, the team is engaging with all the teams that work with the company to provide options for them to move forward.

The so-called ConsenSys 2.0 was a topic that was born after the founder Joe Lubin announced that he had “updated his vision” for the company and that ConsenSys 2.0 would be even better.

Looking now, it was a clear attempt to sugarcoat a huge crisis and this is very clear now. ConsenSys seems to be running out of money and it needs to change. Unfortunately, change means letting many projects go.

ConsenSys has a huge operation and it was certainly affected a lot by the bear market. With Ethereum becoming the third largest crypto by market cap instead of the second one, the situation ended up being very bad. Now, the decentralized company has to reduce costs in order to survive 2019, despite the fact that the official reports are way more positive than this.

Will ConsenSys 2.0 be a good thing? It is still early to tell, but if you ask ConsenSys’s employees, I bet they would not like it too much.

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