Home News ConsenSys to Shed 13% of its Workforce Owing to Unfavourable Market Conditions

ConsenSys to Shed 13% of its Workforce Owing to Unfavourable Market Conditions

ConsenSys founder, Joseph Lubin's fortune has also dropped below $1 billion from $5 billion in early 2018.

December 07, 2018 13:31
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Blockchain software technology provider company, ConsenSys is laying off 13 per cent of its workforce across different region owing to unfavourable market conditions on the wake deep market crash.

The company founded by Ethereum co-founder Joshep Lubin is said to be re-focusing on priorities and in the process, it will reduce 13 per cent of its mesh members.

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The company sent out a mail to its employee on Thursday:

“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members.”

The Brooklyn-based company has 1200 employees on its roll spread across different locations from New York to Singapore and is reportedly laying off 100 of its employees. According to Forbes, the company has an annual burn rate of $100 million and more than 50 ventures currently exist under the ConsenSys umbrella.

Lubin in an interview with Breaker told:

“We’re going to get a lot more rigorous in terms of milestones and timetables…dissolving projects if we’ve come to the conclusion that our earlier assumptions were incorrect.”

The market rout has severely affected the crypto and blockchain ecosystem and according to a Forbes estimate, Lubin’s fortune has dropped to $5 billion in early 2018 to less than $1 billion. With current market conditions, ConsenSys is unlikely to break even in near terms with their current burn rate.

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