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According to Verge on December 20, the software company Blockchain ConsenSys could make significant cuts to its staff.
Citing a source familiar with the issue, La Verge reports that ConsenSys is running the startups it had previously supported, some of which without financial support. This will have consequences on the workforce of the ConsenSys, in particular on its internal incubator Consensys Labs. The source said that the number of employees to be fired could be between 50 and 60 percent of the 1,200-person ConsenSys workforce.
According to the source, ConsenSys Labs will also be reorganized and will subsequently cease to be an incubator, and will instead operate as a more traditional investor.
The report comes after a ConsenSys letter to the staff, in which the company announced its plans to streamline and strengthen its business style in an increasingly crowded competitive blockchain space.
The managing director of the company, Joseph Lubin, reported that "we must maintain, and in some cases regain, the lean and gritty starting mentality that has made us what we are". While the company intends to reassign staff from projects closed to other initiatives, Lubin reported "did not rule out redundancies".
ConsenSys, reportedly, did not deny the impending layoffs and stated that it is discussing the situation with each project to "determine a future path, either internally as part of ConsenSys 2.0, or as an external entity".
"The world has not collapsed like [Lubin] planned, and therefore he needs to rotate his company because he was orchestrated for a vision only where Ethereum would have been $ 10,000, "the source said.
Ethereum (ETH) and other major cryptocurrencies crashed on November 14, with the bitcoin cryptocurrency seminal Bitcoin (BTC) that fell below the $ 5,600 price for the first time in 2018.
Today, the Galaxy Digital encrypted bank said in a note to customers that short rallies like the current one are what happens "before a real rally occurs". Galaxy Digital concluded that the recent "brief" cryptographic rebound "has more legs" than people realize, citing the forthcoming involvement in the sector by institutional actors.
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