NEW YORK, United States – ConsenSys is shutting down offices in India and Philippines as advised through email on December 11, Wednesday, for other priorities.
Joseph Lubin, the founder of the cryptocurrency ConsenSys, is closing their offices located in the Philippines and India due to their plans of streamlining the operations. Aside from the streamline, this company is shutting down operations due to the refocusing of other urgencies. One of this company’s priorities is ConsenSys 2.0 technological growth.
According to Kara Miley, a ConsenSys spokesperson, there were 11 roles eliminated in the Philippines and India. It’s because of the realignment of the services and sales team.
ConsenSys India was working on some decentralized projects such as healthcare, and land titling. Also, there are some educational agendas to boost the coding of Ethereum in the region.
The plan was decided after a year of the confirmation of ConsenSys. It’s to cut down the number of its staff for 13%. This cryptocurrency company mentioned that it’s refocusing on main concerns.
One company official stated that despite their excitement about ConsenSys 2.0, this official said that their step was difficult for them. They were streamlining various business parts, which include spokes, hub services, and ConsenSys Solutions. It all leads to a 13% decrease in members.
In the 2017 crypto bull run, ConsenSys saw robust development through expanding its operations in various verticals. On the other hand, this digital asset needed to face the market heat in the 2018 crypto winter.
ConsenSys is looking forward to a channelized scheme. It’s to deal with opportunities and trials in the cryptocurrency market. As per Lubin, he stated that the company is aiming to swivel the staff to work on the said ConsenSys 2.0. Furthermore, he mentioned that projects would be checked continuously with consistency since the cornerstone of the version is technical quality.
Despite the challenges, ConsenSys endures investing in future startups and projects. The head of experiential marketing named Yadira Blocker mentioned to CoinDesk that the company decided to push around $175,000 in various startups functioning on the same goals. The funds are deposited via the ConsenSys Grants system, which has an estimate of $330,000 since February 2019 in 15 startups.
Blocker stated that they saw several applications in Wave 1. Also, the company began to see more reliable teams, along with creative ideas in Wave 2.
Daniela Osorio, ConsenSys’ marketing director, shared that it’s significant to deposit on under-resourced projects. These projects are integral to the enhancement of the ecosystem of Ethereum.