ConsenSys founded in 2014, a blockchain venture production studio building decentralized applications (dApps), mostly on Ethereum with over 30 hubs around the globe, decided to shut down its operations in India and the Philippines.
According to the people familiar with the matter, on Dec 11, Joe Lubin, ConsenSys’ chief informed two nations’ teams via email that they would be close down offices. Further, a member of the seven-person team in India also confirmed this thing, but still send more questions to the main office in Brooklyn, N.Y.
Joe Lubin, ConsenSys’ chief. Image: Forbes
A spokesperson for ConsenSys, Kara Miley said that 11 roles “were eliminated in India and the Philippines” due to a realignment of the sales and services team in those countries.
In India, ConsenSys was working on some decentralized projects such as healthcare, land titling, and some ambitious educational programs for boosting Ethereum coding in the region.
Besides, ConsenSys Philippines was helping to foster an interbank payment network based on blockchain with named Project i2i, involving UnionBank. It presently is not clear what will happen to that project.
The decision brings out just within a year after ConsenSys decided to cut-down 13% of its staff – about 1,200 people, and now it’s down to about 1,000. The company shared currently they are “re-focusing on priorities” and that why leading to a 13% reduction of mesh members, as ConsenSys official said:
“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services”.
Additionally, Lubin also stated the company is planning to pivot its staff towards working on ConsenSys 2.0 and emphasized that projects will continually be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, combined with innovative blockchain business models. ConsenSys is being toward a channelized approach to cope with further challenges and opportunities in the market.
Despite all difficulties, ConsenSys still invests in future projects and startups. In October, the company’s head of experiential marketing – Yadira Blocker announced they decided to pump around $175,000 in different startups working on similar goals. About ConsenSys, has been funding what it considers as promising projects since Feb 2019 with invested $330,000 into 15 startups.
Furthermore, when speaking on the funding, Daniela Osorio, marketing director of ConsenSys also affirmed the important is to fund under-resourced projects which are integral to the development of the Ethereum ecosystem.
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