• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Industry / Ethereum Products Based Consensys Takes Another Hit As It Decides To Lay Off More Employees
Ethereum Products Based Consensys Takes Another Hit As It Decides To Lay Off More Employees

Ethereum Products Based Consensys Takes Another Hit As It Decides To Lay Off More Employees

February 5, 2020 by Ketaki Dixit

Cryptocurrency companies have always faced the threat of closure due to regulatory uncertainty or price losses. This is exactly what Consensys, one of the world’s largest cryptocurrency companies is now facing.

New reports showed that Consensys had laid off a major chunk of their workforce as the cryptocurrency world continued to show how dynamic it is. 

The organization stated that it had let go of 14 percent of its entire staff, prompting the Ethereum community to speculate about its future. Consensys revealed that they would also undergo a major business model restructuring. The official statement read:

“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.”

This was not the first time that Consensys had announced such a drastic change as it came on the back of a previous 13 percent layoff in December 2018. During that time, the company’s employee count was at 1000. After the initial lay-off announcement, the company said that they will implement 5 core pillars to transition to Consensys 2.0.

Sources close to the company claimed that the main reason for the layoffs was the lack of space for capital management. The split in efforts was a result of difficulties in raising money for a company that was involved in both investment and software development.

Consensys claimed that they will continue to operate on a software business model comprising of its products optimized for a modular stack. This includes PegaSys, Infura, MetaMask, Codefi and others. Consensys stated:

“The business is focused on two goals: providing developer tools and infrastructure for the developer, decentralized finance, and startup communities; and helping enterprises in the financial services, trade finance, and commerce sectors deploy and operationalize blockchain solutions.”

The Solution and Marketing wings of the company will directly support the software business and continue to perform complex sales activities. Along with this they will also drive developer and community initiatives. Consensys will continue the transition from its venture production moel and release a number of internally funded projects into the Consensys Investments portfolio.

What Consensys was lacking on the employee front, it sure made up for in updates and developments. The company was now trying to enter the massive $3.8 trillion municipal debt market. It had also released information about its acquisition of Heritage Financial Systems, a broker-dealer.

 

Source: REUTERS

Filed Under: Industry, Altcoin News, News Tagged With: Ethereum (ETH)

Primary Sidebar

Recent Posts

  • Ban On Ethereum Staking Would Be “Terrible”-Coinbase CEO February 9, 2023
  • Kraken Under SEC Scrutiny, Crypto Exchange Accused Of Securities Violations: Report February 9, 2023
  • 11 Years Dormant Bitcoin Wallet Reawakens With $9.5M Gain: A Forgotten Fortune February 9, 2023
  • Cardano DeFi TVL Shoot Up By 100% YTD, Data Shows February 9, 2023
  • Laundering Of Ethereum Worth $4M By N.Korean Lazarus Group February 9, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.