The ethereum startup Consensys will reportedly start to restructure his operations to shield itself from the effects of the bear market. This was the idea that Joseph Lubin, a co-founder of ethereum and Consensys CEO transmitted. According to him, the company must enter a new phase called Consensys 2.0 to face the new challenges that this market is presenting.
Consensys To Restructure
Consensys will have to pass restructuration duties to keep working as usual in this bear market. This is what Joseph Lubin thinks. And he is acting in consequence. The cryptocurrency investor has decided to trim the fat of Consensys, calling it the new Consensys, or Consensys 2.0.
While there have been better days, Lubin is taking action for Consensys to remain viable in the post-bubble world that the market is living right now. For this, the company is focusing on its core businesses and taking an efficiency and revenue focus. In a letter directed to the company, Lubis states that the company must take a new approach. He states:
“We must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.”
But things are not this way just because Lubin wants to. The bear market is driving a big chunk of this decision that will shape the company’s future. Other startups are already facing difficult choices and have had to change its business model. Steemit, another cryptocurrency startup, decided to lay off 70% of their workers to keep operating. Not only that, but they are also evaluating different ways of keeping costs down.
Tough Choices Ahead For Lubin
Lubin is a cryptocurrency enthusiast, but he is also an entrepreneur. He is not opposed to change if this change can get them where they want to be. So that is why he is not ruling off any measures to keep Consensys operating efficiently. He stated:
“We now find ourselves occupying a very competitive universe. We must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
Ethereum has not been immune to the cryptocurrency bear market. In fact, it has lost more than 70% of its value since last December. So, Lubin, whose fortune and assets are ethereum based, have also suffered the market blues. Despite this, Lubin has always been a proponent of function over price when it comes to Ethereum. But when it comes to the real world, price does matter.