[ad_1]
Ethereum's blockchain start-up and venture capital firm ConsenSys have fired 13% of their global workforce in an effort to curb costs and redirect their central vision.
The company's problems, formally known as Consensus Systems Inc., were detailed in a Forbes article Wednesday that described ConsenSys as a "strange operational structure". Both former employees and current employees said that CEO Joe Lubin (pictured) fails to take leadership, the company suffers from a "lack of traditional structure" and fails to make employees responsible for their actions.
It is not clear whether these management problems or simply the free fall of cryptocurrency prices this year has been the main driver of redundancies.
ConsenSys is a somewhat strange company to begin with and could best be described as a hybrid between startup and venture capital. Launched with a sale of crowdfunded tokens in 2014, a predecessor of what became known as the initial coin offering, ConsenSys designed its own blocker platform based on Ethereum and invests in companies that use its blockchain.
The company's portfolio is also quite large, with holdings in over 50 start-ups such as Open Mineral, an online metal and mineral exchange based in Switzerland that collaborated with ConsenSys in July.
Officially, redundancies related to what the company describes as "ConsenSys 2.0", which will see the projects "continue to be rigorously evaluated, as the cornerstone of ConsenSys 2.0 is technical excellence, along with innovative business models chain".
The gobbledygook rich in buzzword improves. ConsenSys also stated that "ConsenSys is dedicated as always to our mission of supporting and growing the Ethereum community and #BUIDLing together the decentralized future".
Ethereum has had a tough year, going from a maximum of around $ 1,400 to $ 88.32 as of 7:45 pm. EST today.
ConsenSys has raised funds in Ethereum and Lubin itself owns large amounts of cryptocurrency. Ethnews noted that "at one point, Lubin estimated to have made up to $ 5 billion in the crypt boom, which has led some ConsenSys to believe that funding will continue to be essentially unlimited for the foreseeable future."
With its price down more than 90 percent, the article continues, "you do not know when [Lubin] he sold his earnings (or how much he sold). "This makes it difficult to evaluate the wealth of Lubin and the depths of the pockets of ConsenSys.
Photo: collisionconf / Flickr
Since you are here …
Journalism, reports and comments on SiliconANGLE – along with live video, without a copy of our Silicon Valley studio teams and video-trotters on globe at the cube – Take a lot of hard work, time and money. Maintaining high quality requires the support of sponsors who are in line with our vision of journalistic content without advertising.
If you like reports, video interviews, and other content without ads, please take a moment to review a sample of the video content supported by our sponsors, tweet your supportand keep coming back to SiliconANGLE.
[ad_2]
Source link
