Consensys, the ethereum production studio founded and funded by Joe Lubin, is letting go of 13% of its staff. Though the company boasts over 50 ventures under its umbrella, its burn rate has been reported at over $100m annually.
In an interview with CoinDesk earlier this week, Lubin indicated that some projects could see their staff counts shrink amid a wider pivot toward what he called “ConsenSys 2.0.” The developments were first detailed in an email sent to the company’s 1,200 staffers late last week. “Projects will continue to be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, coupled with innovative blockchain business models,” ConsenSys said in its Thursday statement. In its four years of existence the decentralized company has grown rapidly, with a major hub in Brooklyn and outposts spanning the globe. More than 50 ventures currently exist under the ConsenSys umbrella, according to company officials. A profile published this week in Forbes estimated the company’s annual burn rate at over $100 million.