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ConsenSys to Sack More Staff, Preparing to Survive Crypto Winter

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Thu, 12/20/2018 - 18:46
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  • ConsenSys intends to cut down sponsor funds for several startups which are part of its portfolio to decrease expenses ahead of the crypto winter coming

Cover image via U.Today
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On Thursday, 20 December, The Verge released a report suggesting that the Ethereum studio ConsenSys could go on with cutting down expenses on its staff, which basically means – more firing. The report says that currently ConsenSys has around 1,200 people on its payroll and apparently, about 50 percent may be fired.

More kick outs than it was initially planned

Earlier in December, news outlets reported that ConsenSys studio headed by Joseph Lubin was planning to let go of 150 members of its staff. That is around 13 percent of the company’s employees.

Some sources have it that ConsenSys suggests some of its startups should receive a severance package and go or just try and get some other investors. At the time of writing this, the Ethereum production studio has not offered any comments on the situation.

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Does Joe Lubin dream of “ConsenSys 2.0”?

The news about the coming cuts on funds for startups and for the staff was even sadder taking into account the announcement Lubin made recently describing his vision of “ConsenSys 2.0”. He promised this project would very much differ from the previous one in terms of accountability and financial stability for businesses.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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