ConsenSys, a blockchain software technology company founded by Joseph Lubin, is eyeing even further layoffs, a report from The Verge published on Thursday has revealed, citing unnamed sources at the company.
Towards the beginning of December, Finance Magnates reported that the company had laid off over 100 of its employees – roughly 10 per cent of the Brooklyn-headquartered firm’s workforce. And now, it seems, that ConsenSys is gearing up for even more culling.
According to sources at the company, ConsenSys is spinning out startups which it previously supported, in an effort to streamline its business into “ConsenSys 2.0” which the company’s founder, crypto billionaire Joe Lubin announced earlier this month.
ConsenSys Labs, an internal incubator run by ConsenSys, houses a number of startups, referred to as “spokes”. According to an email sent by Shawn Cheng, a partner at Labs, it incubates around 36 spokes.