Ethereum based Studio, ConsenSys, is following the footsteps of Steemit by reducing its total workforce, about 13% of them, in a bid to reorganize the company.
ConsenSys, a company established by billionaire Joseph Lubin, an early Ethereum investor as well as its co-founder, is making plans to reshuffle in order to fit into the current cryptocurrency market which is going through its worst period at the moment. Lubin expressed his intentions to the employees of the company through a letter which described the vision he has for the company as well as a new course charted for the company which he named “ConsenSys 2.0.”
As it was stated in the letter:
“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, leading to a 13% reduction of mesh members. Projects will continue to be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, coupled with innovative blockchain business models.”
Prior to the company’s decision to restructure, it engaged in more than 50 projects with a staff numbering about 1,200. The company stated that the decision it had taken, in conjunction with the implementation of its next phase, would lead to a better opportunity for growth “as the blockchain community matures.”
Some quarters are of the opinion that the restructuring of ConsenSys is just a ploy to keep the production of Ethereum going, seeing that the prevailing bear market had affected it just like it affected over one hundred other companies. ConsenSys revealed that the restructuring would enable it to pay better attention to sustainable projects while the unproductive one will be put on hold.
Despite the workforce reduction, the company is still targeting a much more significant influence over the crypto market and is currently taking actions to achieve that, until the bearish market comes to a halt. ConsenSys partnered with Two Sigma, a venture capitalist company, to lead an investment of $8 million into a digital asset custody company named Trustology, which aims to serve institutional investors.
The primary aim Trustology is known for is the development of the TrustVault, a management platform that is based on cryptocurrency which is used to store private keys in “tamperproof, programmable hardware security modules hosted in secure data centers, with encrypted backups in the cloud.”
With the funding made available to Trustology, the development of new products is expected alongside the support of more digital assets classes and the spreading of its services and products into foreign markets.