Home News ConsenSys plans to cut its staff by 60%

ConsenSys plans to cut its staff by 60%

Blockchain software developer ConsenSys is up for laying off its staff substantially in 2019, an insider source reports, as quoted by Verge outlet.

According to the source familiar with the matter, ConsenSys plans to cut its staff by 50-60%. At the moment, about 1 200 people are employed by the company.

As noted by the same source, ConsenSys Labs will cease to be a project incubator and accelerator and turn to traditional investments instead.

This information corresponds well with the contents of the letter addressed to ConsenSys staff by the company’s management, which reveals the plans for streamlining business operations against the background of increasingly “crowded” competitive blockchain space.

Joseph Lubin, CEO ConsenSys, stated that his company is preparing for internal redeployment of its staff. He also did not rule out the possibility of layoffs.

“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,” – the source reportedly said.

Earlier this month, ConsenSys has already fired about 150 people. The continuing cryptocurrency market downfall was named as the official reason for this move.

This was preceded by Steemit – another renown blockchain startup – announcing a big round of layoffs due to increasing node maintenance costs and STEEM token price downfall.

Cryptocurrency exchange Coinbase has also cut its stuff firing at least 15 persons.