ConsenSys to Lay Off 13% of Staff

People lost their jobs due to “re-focusing of priorities” by the company management
07 December 2018   329

The blockchain startup ConsenSys will fire 13% of the staff. This decision is associated with changes in priorities and future organizational changes, CoinDesk reports.

The head of ConsenSys, Joseph Lubin, announced a new company strategy in early December. In particular, he told staff that ConsenSys will tighten standards for supported startups.

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.
 

ConsenSys Statement

According to Finance Magnates, citing its own sources, employees of various departments from several regions of the world came under the cuts.

Recall, founded in October 2014, ConsenSys is focused on the development of the ecosystem of the Ethereum network. In October, Joseph Lubin’s company invested $ 6.5 million in a blockchainb startup DrumG. The latter is engaged in the development of a decentralized and cryptographically protected OTC solution for trading operations of investment banks.

Reddit Founder to Share Thoughts on Crypto Winter

Alexis Ohanian believes that overall market fall allows to clean industry from speculators and its good for long-time health
22 February 2019   110

The prolonged fall in the cryptocurrency market allows the industry to get rid of speculators, freeing up space for real cryptocurrency enthusiasts. This was announced by the founder of the Reddit social network, Alexis Ohanian, in an interview with Yahoo Finance.

He noted that such mass cleaning is beneficial to the industry’s long-term health.

Now, it's still to be seen. But what's a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They're building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that's a good thing.
 

Alex Ohanian

Founder, Reddit

In February, Reddit attracted $ 300 million investment and reached an estimate of $ 3 billion. The Chinese holding Tencent ($ 150 million), investment firms Sequoia and Fidelity, as well as the musician Snoop Dogg, took part in the round of financing.

Earlier, the head of Pantera Capital, Dan Morehead, said that market participants should not worry about cryptosis, as the current situation opens up good prospects for the future development of the bitcoin and blockchain industry.

A similar point of view was expressed by the founder of Morgan Creek, Anthony Pompiano, in November 2018, stating that the bear market is throwing "tourists" out of the game.