Ethereum (ETH) Incubator ConsenSys Cuts More of Its Staff


Brooklyn-based Ethereum (ETH) incubator and venture investment group ConsenSys has reportedly made more cuts to its staff amid the ongoing coronavirus pandemic.

According to a recent report by Coindesk, ConsenSys has laid off around 14% of its staff — 100 employees. This move was announced to the company during an all-hands meeting on Zoom.

“Every day we delay difficult decisions further depletes our capacity to realize our mission,” Joseph Lubin reportedly said during the team meeting.

This news comes just two months after ConsenSys reduced the number of its employees by 14% in an effort to consolidate operations. The previous layoffs came as the company planned on splitting off the company’s software development arm as it attempts to raise a new fund worth $200 million.

ConsenSys plans to continue to focus on early-stage startups, liquid digital assets and other similar investment opportunities. Additionally, the firm notes that it will be spinning out a number of internally developed startups in the near future.

More: More layoffs at ConsenSys

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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