ConsenSys

ConsenSys is a company operating in the field of developing decentralized applications, tools for developers.

The main product of the company's development and promotion is Ethereum.

History

2024:20% staff cut

One of the world's largest blockchain companies, ConsenSys, is cutting 20% of the state. The company announced this at the end of October 2024.

Speaking about the reasons for this decision, ConsenSys founder and CEO Joe Lyubin cited unfavorable macroeconomic conditions, uncertainty in the regulation of the crypto industry in the United States and the costs of a legal confrontation with the Securities and Exchange Commission (SEC). At the same time, Lyubin called the financial situation of the company sustainable.

2023:11% staff cut

On January 18, 2023, the American blockchain company ConsenSys announced plans for a reorganization that will help focus efforts on key business areas. Under this program, the staff will be reduced by about 11%.

The restructuring was announced by ConsenSys founder and CEO Joseph Lubin. According to him, after several rounds of financing, the company has achieved significant success. But the current macroeconomic environment and market uncertainties are forcing the redistribution of resources and the reduction of staff.

Blockchain company ConsenSys reports 11% staff cut

We need to make an extremely difficult decision to optimize some ConsenSys teams to accommodate complex and ambiguous market conditions. This decision will affect 96 employees, which is 11% of the total number of employees. We are extremely grateful for their contribution and the work done, "Lubin wrote.

ConsenSys will provide employees being laid off with comprehensive support. It includes generous severance pay calculated according to work experience, medical benefits, as well as assistance with employment in a new place. After the reorganization, the company intends to develop two main projects. This is MetaMask - a software cryptocurrency wallet used to interact with. blockchain Ethereum The second direction will be the Infura developer platform, which helps to scale and develop the economy of blockchain applications. It is noted that product teams will continue to expand - it is planned to provide all the necessary resources for them. In 2023, ConsenSys' efforts will continue to focus on creating new models of cryptocurrency revenue. The company also plans to invest in promising solutions.^[1]

2022: $14m investment investment from Mindrock Capital

As it became known in early May 2022, the Mindrock Capital fund under the management of Pavel Cherkashin and Grigory Trubkin invested $14 million in ConsenSys. The shares were bought in the secondary market. According to data for March 2022, the assessment of the blockchain company amounted to $7 billion. The deal was announced by the Russian Venture Telegram channel.

ConsenSys is engaged in the creation of products that contribute to the introduction of Web 3.0 technologies (digital infrastructure based on artificial intelligence, blockchain, machine learning, semantic web and the Internet of Things) into the internal processes of organizations. The most popular products of the company are Codefi (financial and commercial blockchain applications), MetaMask (non-asthma digital wallet), Diligence (audit and security of smart contracts), Infura (access to Web3 through an API developer).

According to ConsenSys' own data, MetaMask's audience exceeded 30 million monthly active users in January 2022, up 42% from four months earlier. The most popular products are in countries such as the United States, the Philippines, Brazil, Germany and Nigeria. Infura is used by more than 430 thousand developers, and the annual volume of transactions exceeds $1 trillion.

In March 2022, the startup held a round of funding for $450 million, which was headed by the ParaFi Capital fund with the participation of Microsoft. Microsoft's investment, ConsenSys emphasized, points to the growing interest of the world's largest technology companies in Web3, an uncertain term that refers to efforts to create a decentralized version of the Internet based on blockchain technology.

As a result of the March investment deal, ConsenSys' valuation more than doubled compared to the previous round of financing, which took place in 2021, and exceeded $7 billion.^[2]

2020

Quorum Purchase

At the end of August 2020, it became known that JPMorgan Chase it had sold the Quorum bank blockchain platform, which had previously been separated into a separate company. software Ethereum The developer, ConsenSys, acted as the buyer. More. here

14% reduction in headcount

At the end of April 2020, the blockchain company ConsenSys announced that it plans to lay off 14% of its employees due to the COVID-19 pandemic.

A ConsenSys spokesman explained that the coronavirus crisis has made its own adjustments to business development: "Like most of our competitors, we note extraordinary uncertainty in the market. Enterprises are forced to redistribute priorities and overestimate deadlines. In such conditions, we must make changes to the tactics of doing business in order to preserve resources and support our customers. "

Blockchain company ConsenSys fires 14% of employees due to pandemic

CEO and founder of the company Joseph Lubin (Joseph Lubin) announced the upcoming reduction at a remote meeting through Zoom after exploring other options.

I've consulted a lot of people both internally and externally. I had conversations with potential investors. I reviewed government assistance programs. I've explored ways to collaborate with other projects in the ecosystem, "Lubin said.

The decision to lay off some of the employees follows a February restructuring of the company, in which the investment arm of ConsenSys split from the main company. ConsenSys focuses on blockchain infrastructure and tools, as well as its consulting arm on enterprise blockchain solutions. Staff were also down 14% at this stage^[3]

Today, ConsenSys made a very difficult decision to part with some of our employees. Such changes are really necessary for the company to continue its long-term work. We will retain all key operational aspects of the business. ConsenSys still follows its main task - to allow developers and enterprises to deploy and implement blockchain-based products, the company said in a statement.

ConsenSys separated the medical business and explained why

At the end of February 2020, as part of the restructuring, the blockchain company ConsenSys announced that it was separating the medical business. ConsenSys Health's direction becomes an independent company. Other changes include laying off 14% of employees and promoting a division of ConsenSys Investments. Read more here.