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Consensys Cuts Additional 14% of Staff, Aims to Split


Consensys Cuts Additional 14% of Staff, Aims to Split

Consensys cuts 14% of its employees while dividing the company into two different branches

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 roughly 14%, the company announced on Feb. 4 in a press release.

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, the press release 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, the release explained.

With its 14% job cuts, Consensys is “restructuring teams to be better aligned with the needs of a focused software development company,” the statement said.

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

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