February 10, 2020 – Ethereum incubator ConsenSys announced that it will reduce its workforce by 14%. The company did not explain how many people will be cut.
ConsenSys explains this move is needed so that the company can prioritize the development of its infrastructure platforms. In a statement, ConsenSys said it aims to operate a software business model “composed of several of its products optimized for modular stack,” reports Coindesk. Some of these products include Codefi, Meta Mask, and PegaSys.
Some of ConsenSys’ internally funded projects will be spin out into the ConsenSys Investments portfolio. Coindesk said at this point, the company will focus on 4 core products. The Investments portfolio banner will continue and focus on early-stage opportunities.
The restructuring at ConsenSys will separate its software development business from its venture activities, the company said in a statement. ConsenSys focuses on the ethereum blockchain, which underpins the world’s No.2 cryptocurrency ethereum. – ConsenSys Press Release
In 2018, ConsenSys laid off 13% of its staff so that it “can refocus its priorities,” said CEO Joseph Lubin. By that time, the company has grown rapidly, spanning 50 ventures. Forbes estimated its annual burn rate at over $100 million in 2018.
Late last year, ConsenSys also shut down its Philippine and India operations. A total of 11 roles were eliminated “due to realignment of the sales and services team in those countries,” said ConsenSys spokesperson Kara Miley to Coindesk.
This article is published on BitPinas: ConsenSys is Cutting Workforce Again Ahead of Restructure
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