Joseph Lubin, the founder of Ethereum Blockchain tech company ConsenSys, has confirmed to Cointelegraph that operations in India and the Philippines would be shut down. The local offices in both countries have already received the news, Lubin said.
The publication has talked to Kara Miley, the company’s spokesperson, who revealed that 11 team members are being laid off. Meanwhile, another staff in India has confirmed that they have received the shutdown notice via email. The move is reportedly a preparation for the realignment of the services and sales group in both countries.
Notably, while ConsenSys’ combined team members from India and the Philippines are only a few, these people are responsible for executing high-profile initiatives. ConsenSys India, for instance, was deeply involved in a variety of decentralization projects, particularly on land titling and healthcare. They also started an educational program that aims to spread knowledge about Ethereum coding.
Meanwhile, ConsenSys Philippines was working on Project i2i, an interbank payment network that is based on Blockchain, in collaboration with UnionBank. The industry is still waiting for updates on what would happen to the project due to the sudden shutdown notice.
ConsenSys in full support of promising projects
According to industry analysts, the decision to close offices in two Asian countries is a part of a larger initiative. In October, Yadira Blocker, head of experiential marketing at ConsenSys, announced the new set of startups that would receive funding from the company. Since January 2019, ConsenSys had invested around $330,000 for the most promising Ethereum-based projects.