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Consents to cut 60% of his staff in the bear market
The blockchain company ConsenSys seems to cut staff based on data provided from the point of view "il Verge". According to people aware of the matter, it may be possible to see a cut between 50% and 60% of the staff a ConsenSys. These are around 1,200 individuals working in the company.
The situation may be related to the fact that the cryptography market has undergone a bearish trend from the beginning of the current year. Most virtual currencies, including Bitcoin (BTC) and Ethereum (ETH) has lost more than 80% of their value.
A few weeks ago, ConsenSys announced who entered a new phase called ConsenSys 2.0. The main intention behind this decision is to improve their efficiency, accountability and focus on revenue. Now, ConsenSys will stop functioning as an incubator but will operate as a traditional investor.
ConsenSys he also informed that they are discussing the current situation of the company and how to improve the situation that the company is facing.
The source commented on this problem:
"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. "
Ethereum, for example, has been trading at $ 100 over the last few weeks. However, he is now able to recover part of his price.
According to Galaxy Digital, the recent rebound that the market has experienced "has more legs" than many suppose. At the same time, there are some institutions and new investors that could enter the market in the near future. Goldman Sachs, Intercontinental Exchange and Fidelity Investments are working on various platforms for institutional investors to enter the market.
There are many companies and projects that have had to interrupt their operations during this year, after the bear market has lived in space.
At the time of writing, Ether it is trading near $ 115 and has a market capitalization of $ 11.97 billion.
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