ConsenSys has laid off about 14% of its employees for the goal of raising $ 200 million

By Dorothy 02/5/20 8:35 AM

The New York-based ConsenSys is restructuring its business and will cut 14% of its staff, as the goal is to raise $ 200 million.

ConsenSys announced at a meeting with its entire staff from Tuesday that changes were about to be made. When asked by the press how many more people would be fired more accurately, or how many employees, they would not give an answer.

Consensys CEO Joseph Lubin

The restructuring at ConsenSys will separate its software development business from joint ventures, the company said in a statement. ConsenSys focuses on the ethereum blockchain, which underpins the world’s No.2 cryptocurrency ethereum.

With these changes, the software company is eyeing a $ 200 million raise. It was reported in August that ConsenSys was seeking to raise that amount from outside investors.

ConsenSys is one of the largest specialist blockchain developers that has emerged from the advent of shared ledger technology, originally conceived as the foundation of Bitcoin cryptocurrency.

Over the past year, ConsenSys has conducted an in-depth strategic review and came up with two separate strategies for developing and supporting the ecosystem as a separate software and investment company.

ConsenSys said it will,

“operates a software business that includes some of its products optimized for a modular stack“.

There are many sources saying that Codefi, MetaMask, Pegasys and Infura will receive the most attention.

During ConsenSys 2.0 restructuring from 2018, the company laid off about 13% of its employees. It seems that the recent action is the result of thorough reviews of projects in 2019. Meanwhile, it has tried to penetrate the $ 3.8 trillion city debt market. ConsenSys discloses the acquisition of broker-dealer Heritage Financial Systems, which will provide the company with both advisory and broker-dealer capabilities. The company, founded in 2014 and operates in about 30 countries, with large offices in London, Dublin and Paris.