Ethereum Incubator ConsenSys Slashes Headcount 14% in Latest Strategic Shift

Ethereum enterprise studio ConsenSys is shifting focus – and downsizing consequently.

The Brooklyn, N.Y., firm introduced at an all-staff assembly Tuesday its newest restructuring would shrink the agency’s headcount by roughly 14 p.c. When requested, ConsenSys didn’t clarify what number of people the cuts would have an effect on or state its present headcount.

“Within the coming months, ConsenSys will finalize the transition from its enterprise manufacturing mannequin and spin out a variety of its internally funded tasks into the ConsenSys Investments portfolio,” the corporate stated in a press release.

The transfer is supposed to prioritize the event of a few of the ethereum ecosystem’s main infrastructure platforms. ConsenSys stated Tuesday it would “function a software program enterprise composed of a number of of its merchandise optimized for a modular stack,” together with Infura, PegaSys, MetaMask, Codefi and others. 

In keeping with a supply with data of the matter, Tuesday’s transfer will let ConsenSys concentrate on these 4 core merchandise. “It actually is sort of wise to separate the 2 enterprise methods,” the supply stated.

The corporate will proceed its enterprise work below the ConsenSys Investments banner, with a concentrate on “early-stage fairness, liquid digital property, and strategic alternatives the place relevant,” ConsenSys stated in a press release.

The agency’s enterprise-focused “Options” arm will now “straight assist the software program enterprise,” ConsenSys stated.

Led by ethereum co-founder Joseph Lubin, the corporate laid off about 13 p.c of its workforce in a late-2018 restructuring dubbed “ConsenSys 2.0.” Tuesday’s transfer is the results of a “conclusive analysis” of the corporate’s tasks over the previous 12 months, the supply with data added.

Nikhilesh De contributed reporting.