Keeping Up with the Crypto Industry: ConsenSys Lays Off Nearly 100 Employees
ConsenSys, the world’s largest Ethereum software company, is shaking things up… in the form of releasing nearly 100 staff from their posts. So, why the drastic change?
The Crypto Roller Coaster
Cryptocurrencies have been around since 2009, but they only made a real supersonic entry into the mainstream financial landscape within the last two years. Unfortunately, this meant a bit of a roller coaster ride for some platforms and companies involved in the industry. With drastic leaps in cryptocurrency values, certain companies and platforms found themselves slated for success… and with subsequent plunges to lower values, some of those same platforms had a (very expensive) reality check.
ConsenSys is just one of many companies that experienced the highs and lows of being involved in the crypto market.
What Is ConsenSys?
ConsenSys is a Brooklyn-based Ethereum software company focused on developing decentralized applications (dApps) and other related products for the Ethereum blockchain. They also produce their own Ethereum-based cryptocurrency, Ether (ETH).
The Need for a Change
With the recent fluctuations in cryptocurrency prices, some of ConsenSys’ projects became less viable, and the company had to reevaluate their financial status. Media sources report that the company will demote its workforce by nearly 14%, laying off roughly 100 of their 1,200 employees.
What’s Next for ConsenSys?
This financial setback hasn’t hindered ConsenSys’ growth. On the contrary, sources report the company is not only looking to raise capital and launch new products, but they’re also investing in new blockchain-based technologies.
Making Sense of It All
The crypto industry is ever-changing, and as companies like ConsenSys understand, changes need to be made in order to stay afloat.
Though it’s never easy for those directly affected, these financial decisions are necessary for companies and businesses to withstand the roller coaster of their respective markets. Let’s hope that the changes ConsenSys is making will lead to more successes in the future!
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