ConsenSys Announces Major Restructuring and Lays off 14% of Employees

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Even in the cryptocurrency world, companies often have to rethink their business strategy. For ConsenSys, a massive restructuring and laying off 14% of its staff are the next steps.

The cryptocurrency industry is always changing and evolving.

Major Changes on the Horizon for ConsenSys

Adopting new trends and identifying key needs is an ongoing challenge for any service provider or company selling products.

ConsenSys, an Ethereum development studio, acknowledges something will need to change in the near future. 

By restructuring its entire business, the company prepares to separate its software development and investment branches. 

This move has been coming for a while, as ConsenSys wanted to create a software company and investment company.

As a result of this “split, 14% of the company’s employees will be let go accordingly. 

It is the second time the company announces a wave of layoffs.

During the previous round in December 2018, 13% of the company’s staff was let go.

Rumor has it that the software branch of ConsenSys wants to secure $200 million in funding.

That has proven very challenging, as many perceive the company as both an investment and software development firm.

These changes will not affect any of the existing software solutions provided by ConsenSys. 

The investment branch will continue to support its current portfolio and make future investments.

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