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Ethereum Firm ConsenSys Cuts 14% of its Workforce

Ethereum-powered blockchain development firm, ConsenSys, is cutting 14% of its workforce as part of a major restructuring to its business model.

As indicated by the report from The Block, the firm has announced this major restructuring that will divide its software development as well as investment efforts into two different divisions. ConsenSys mentioned that it would be cutting approximately 14% of its staff as part of the restructuring.

ConsenSys, the Ethereum-based firm, explained its decision in a statement that was released on Tuesday –

“Over the past year, ConsenSys undertook a deep strategic review and articulated two separate strategies to grow and support the ecosystem as a software company and a separate investment company.”

An anonymous source told The Block that the firm’s division resulted from challenges associated with raising money, and that the latest software arm is expecting to raise $200 million in capital.

The Ethereum-based firm, ConsenSys, outlined its software division’s role in its statement –

“The business is focused on two goals: providing developer tools and infrastructure for the developer, decentralized finance, and startup communities; and helping enterprises in the financial services, trade finance, and commerce sectors deploy and operationalize blockchain solutions.”

The investment wing of the company will keep on focusing on the venture capital as well as investing in top-quality teams and early-stage equity.