ConsenSys To Cut 60% Of Its Staff Amid Bear Market

The blockchain company ConsenSys seems to be cutting its staff according to data provided by the news outlet ‘the Verge.’ According to individuals with knowledge of the matter, it might be possible to see a cut between 50% to 60% of the personnel at ConsenSys. These are around 1,200 individuals working in the company.

The situation can be related to the fact that the crypto market has been in a bear trend since the beginning of the current year. Most of the virtual currencies, including Bitcoin (BTC) and Ethereum (ETH) lost more than 80% of their value.

A few weeks ago, ConsenSys announced that they’ve entered a new phase called ConsenSys 2.0. The main intention behind this decision is to improve their efficiency, accountability and be focused on revenue. Now, ConsenSys will stop working as an incubator but it will operate as a traditional investor.

ConsenSys has also informed that they are discussing the current situation at the company and how to improve the situation that the firm is facing.

The source commented about this issue:

“The world has not collapsed as [Lubin] planned, and so he needs to pivot his company because it was orchestrated for a vision only where Ethereum would be $10,000.”

Ethereum, for example, was traded under $100 during the last few weeks. However, it was now able to recover part of its price.

According to Galaxy Digital, the recent rebound that the market experienced ‘has more legs’ than what many suppose. At the same time, there are some institutions and new investors that could enter the market in the near future. Goldman Sachs, the Intercontinental Exchange and Fidelity Investments are all working in different platforms for institutional investors to enter the market.

There are many companies and projects that had to shut down their operations during this year after the bear market experienced by the space.

At the time of writing, Ether is being traded close to $115 and it has a market capitalization of $11.97 billion.

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