Consensys, a Blockchain software firm based in New York, is reportedly planning to split the company. As part of the process, the firm had to say goodbye to another 14% of its workforce.
In a February 4 press release, Consensys confirmed that it had conducted another layoff as it prepares to enter another chapter in the industry. As explained, the firm would split –one division would explore the software sector, and the other would focus on investment endeavors. A source familiar with the matter said that Consensys wants to focus on its four core products. The list includes Metamask, Codefi, PegaSys, and Infura.
The latest decision, as emphasized in the news release, is necessary for restructuring teams. Notably, Consensys wants to ensure that each department would have what it takes to compete in the software development industry. In another statement, the company also announced that it would finalize the transition of its new business model in the coming months.
However, the news about Consensys reducing its workforce didn’t come as a surprise. Notably, rumors about a 60% workforce cut within the company have been circulating since December 2018. Early last year, there had been a 13% staff reduction already.
Consensys, with its roots deeply connected in the Ethereum Blockchain, is one of the most notable Blockchain companies that build developer tools and enterprise applications in the industry. The firm also invests in promising startups while providing Blockchain education. Consensys Codefi and Ethereum’s self-hosted wallet, Metamask, are just two of the successful projects of the company.