Home News ConsenSys downsized its staff by 13% due to the crypto market downslide

ConsenSys downsized its staff by 13% due to the crypto market downslide

ConsenSys, one of the major companies in blockchain and crypto, has reportedly fired about 150 people from its staff. The continuing cryptocurrency market downfall was named as the official reason for this move.

Ethereum development studio ConsenSys reported it has downsized its 1 200-strong team by 13%. Thus, about 150 specialists had to leave the company. The official statement on the matter suggests the long-lasting bear trend on the cryptocurrency market as the main reason for this.

The company is reportedly refocusing its priorities to improve its business operations, which currently includes over 50 startups under incubation.

“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members,” – the company detailed in a statement on Thursday.

Two weeks ago, Steemit, another well-known blockchain startup, announced it will cut 70% of its staff due to the poor state of the crypto market, increasing node maintenance costs and STEEM token price downfall. The remaining team will focus on decreasing company’s expenses.

Back in October, cryptocurrency exchange Coinbase decided to downsize its staff as well by means of firing at least 15 persons.