Consensys Announces Strategic Plans, Cuts 14% Jobs, to Split Business

Consensys Announces Strategic Plans, Cuts 14% Jobs, to Split Business

Consensys, a blockchain software company, announced its strategic plans which include laying off an additional chunk of its employees while splitting into two different directions.

Consensys cut the workforce by about 14 percent, the company announced in a press release on Tuesday.

The New York-based ConsenSys is one of the largest blockchain developers emerging from the shared ledger system, originally conceived as the foundation of the cryptocurrency of bitcoin.

Consensys has also decided to divide up the business. Part of the operation in the software sector will continue while the other part pursues investment endeavors.

Commenting on this move, ConsenSys said in the release:

“This restructuring is a critical step toward enabling ConsenSys to continue to drive innovation, better serve its customers and the broader ecosystem, and keep pace with accelerating market growth. Over the past year, ConsenSys undertook a deep strategic review and articulated two separate strategies to grow and support the ecosystem as a software company and a separate investment company.”

It is worth mentioning that, Consensys has previously covered multiple stories about reductions in staffing. Rumors circulated around a potential 60 percent reduction in jobs in December 2018. Nonetheless, January 2019 yielded only a 13 percent reduction in jobs.

Consensys has several related ventures with its origins in the Ethereum blockchain, including Ethereum wallet Metamask, and Consensys Codefi.

The company currently has two divisions, one to continue developing apps, and the other to function on the table’s venture side.

With its overall headcount that was reduced by approximately 14%, Consensys is “restructuring teams to be better aligned with the needs of a focused software development company”.

“ConsenSys remains committed to supporting the Ethereum ecosystem across public mainnet projects, as well as institutional and enterprise deployments, through both client work and investment activity,” the press release said.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.