ConsenSys, led by Blockchain software technology company and Ethereum co-founder Joseph Lubin, is going to significantly reduce its staff, tech news outlet The Verge reported on Dec.
Quoting a source familiar with the matter, The Verge reports that ConsenSys is spending money on initiatives it has previously supported, some of which it started without financial support.. This will reportedly impact ConsenSys’ workforce, particularly its internal incubator, Consensys Labs.. The source says the number of layoffs could be between 50% and 60% of ConsenSys’ 1,200-person workforce.
According to the source, ConsenSys Labs is being reorganized and will then cease to be an incubator, which will operate as a more traditional investor instead.
The report comes to light after a ConsenSys letter was given to staff. In the report, the company describes its plans to streamline and toughen its business style with an increasingly “crowded” competitive blockchain space. and in some cases we have to regain it”. While the company plans to redirect staff from closed projects to other ventures, Lubin reportedly “does not prevent layoffs.” It is being discussed whether it will continue as part of 2.0 or as an external entity.” Lubin needs to turn his company because he is managed for a vision that he is.” It also fell below $5,600 for the first time.
Earlier in the day, crypto investment bank Galaxy Digital said in a note to clients that the short rallies that are occurring now are something that happens “before a real rally occurs.” indicates that y. Galaxy Digital concludes that the recent “short” crypto jump has more legs than people realize, emphasizing post-intake in the industry by institutional players.