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Just as Steemit had done in the previous month, ConsenSys, the Ethereum studio, will fire about 13% of its total workforce as part of a move to "restructure" the company.
The company, founded by the millionaire Joseph Lubin, co-founder and initial investor of Ethereum, is now trying to reorganize itself in a market that is currently witnessing the historical lows of the major cryptocurrencies. Lubin sent a letter to ConsenSys employees where he outlined his vision for the company and a new path, which coined "ConsenSys 2.0".
The letter reads:
"Excited about ConsenSys 2.0, our first step in this direction has been difficult: we are rationalizing different parts of the business, including ConsenSys Solutions, spokes and hub services, leading to a 13% reduction in Mesh members. be rigorously evaluated, as the cornerstone of ConsenSys 2.0 is technical excellence, along with innovative chain business models ".
Before the company decided to undergo this restructuring, it was involved in over 50 projects and the strength of its staff was around 1,200. The company explained that this decision, as well as the roadmap for its next line of action, will put it in a strategic position for growth "as the blockchain community matures".
There are also neighborhoods where this restructuring is seen as a means of producing Ethereum to stay afloat, as it is one of hundreds of companies that, in one way or another, have been affected by the effects of 39; current bear market. ConsenSys has revealed that it is changing its scope of activity to focus on more sustainable projects, while waiting for some of the most unproductive ones.
However, despite this reduction in its workforce, ConsenSys is still making big moves to increase its influence in the cryptocurrency market, pending the end of the race to the bottom. The company joined the venture capitalist company Two Sigma to conduct an $ 8 million investment in Trustology, a digital custody solution for London-based institutional investors.
Trustology is known for developing TrustVault, a cryptographic-based management platform that stores private keys and keeps them in "programmable and tamper-resistant hardware security modules hosted in secure data centers, with encrypted backups in the cloud."
With this funding, it is expected that Trustology will be able to develop new products, support a wide range of digital asset classes and expand its products and services in international markets.
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