Cryptocurrency news

Ethereum Studio ConsenSys Lays Off 14% in Shifting Focus

As part of ConsenSys’ transition into focusing on its Investments portfolio, the Ethereum firm plans to reduce its headcount by 14%. However, the company didn’t confirm how many people would get affected by the cut.

Immediately after the layoffs, ConsenSys plans to prioritize the development of some Ethereum ecosystem’s leading infrastructure platforms. It will then operate on products optimized for a modular stack like Infura, PegaSys, MetaMask, Codefi.

A source said Tuesday’s move will let the company focus on those four core products in particular. ConsenSys plans to separate the two business strategies.

The Ethereum firm will continue its services under the ConsenSYS Investment banner. This will focus on early-stage equity, liquid digital assets, and strategic opportunities “where applicable,” said the company in a statement.

Additionally, its Solutions arm will now directly support its software business.

ConsenSys held a similar layoff in 2018 for similar reasons. The Ethereum market gradually declined, and the coin’s co-founder refused to admit defeat.

The Ethereum Firm’s Previous Layoffs

Joseph Lubin laid off about 13% of his workforce in late-2018, with its restructuring named “ConsenSys 2.0.” The Ethereum production studio also then announced the re-focusing of priorities.

Projects were still evaluated following the exit of about 1,200 employees. He emphasized that ConsenSys 2.0 has the cornerstone of technical excellence with innovative blockchain business models.

Lubin already hinted about the layoffs the day before. He said the company will refocus on “more rigor, more structure, more sustainability, more accountability.”

The move came as the price of ether went around $100, which was way down from its all-time high of $1,400. Other startups were also experiencing “necessary” major layoffs and downsizing as the crypto market continued to decline.

Mostly, the 2018 layoffs were for the sake of keeping the firm upon the ground. This enabled the firm to reconsider technology, technologists, and entrepreneurs to diffuse back into potentiality.