Consensys Cuts Additional 14% of Staff, Aims to Split


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Blockchain software company Consensys let go of an additional chunk of its staff while splitting its focus in two separate directions. 

Consensys cut its employee base down by 14%, the company announced on Feb. 4, according to a Reuters brief.  

Headquartered in New York, Consensys has also decided to split the company. Part of the operation will continue in the software sector while the other part pursues investment endeavors, Reuters said. 

More layoffs

Job cuts are nothing new to Consensys as the company previously headlined multiple stories regarding staff reductions. Rumors circulated in December 2018 surrounding a possible 60% staff cut. January 2019, however, only yielded a 13% staff cut.  

With its roots in the Ethereum blockchain, Consensys has multiple associated projects, including Ethereum wallet Metamask and Consensys Codefi.

New direction

Consensys now has two divisions — one to continue in software building, and the other to work on the venture side of the table, Reuters said. 

Laying off 14% of its staff lets Consensys “be better aligned with the needs of a focused software development company,” a company statement said. 

Consensys trimmed positions in human resources, marketing and finance, while the company made no changes to its product crews, a spokesperson told Reuters. 

Cointelegraph reached out to Consensys for additional details but received no response as of press time. This article will be updated accordingly should a response come in. 

Earlier today, Cointelegraph reported on Consensys’ acquisition of SEC-registered Heritage Financial Systems.