ConsenSys bids farewell to 13% of its employees as a layoff stance

Joseph Lubin headed leading blockchain company, ConsenSys has finally put its card down by closing the doors for its mesh members. Announced on Thursday, the company attempts “re-focusing of priorities” to take off the brand new ConsenSys 2.0. The company, known for its Ethereum-based dApps, has planned to ”streamline” the organisation, chucking out 13% of its employees and terminating the projects that failed to fare well over the time.

The company officials have confirmed the execution of the decision to the media outlet, Coindesk. Last week in a Coindesk interview, Lubin gave hints of cutting down the staff count as a preliminary step for the upcoming ConsenSys 2.0. Furthermore, he has previously announced the change in a company letter, according to an exclusive report from Breaker.

Company statement

“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,” as per the company statement on Thursday. “Projects will continue to be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, coupled with innovative blockchain business models,” said the company.

With a change undertaking, the company seeks to reorganize to choose projects with better revenue and long-term returns. Over four years, the blockchain based venture firm has shown a rapid progress, globally. ConsenSys 2.0 will work around five “pillars”. It will focus on contributing to the core Ethereum infrastructure and work with a “culture of excellence and accountability”.

The company’s venture studio will fund dApps. ConsenSys will continue to sell blockchain solutions to enterprise clients and educate developers and public about blockchain technology. The new model focusses on more exposure for the company.

See also:

Ethereum based firm, ConsenSys & SK Holdings tie-up for blockchain hub

ConsenSys leads $2.1 million seed investment in Ethereum-based startup AZTEC

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