The drop in price of ethereum has apparently affected even the giant players in the crypto development space.
Brooklyn, NY’s ConsenSys issued a letter to employees on Friday emphasizing a belt tightening approach going forward. The development studio has spawned a fountain of initiatives over the years, some wildly innovative and far-reaching.
Now, according to a letter from founder Joseph Lubin, ConsenSys is entering a new phase that will be marked by greater efficiency, accountability, and attention to revenue. That means projects will be dropped and the large staff may be at risk.
“We must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are,” said Lubin’s letter. He added: “We now find ourselves occupying a very competitive universe…. we must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
Moving forward, ConsenSys will emphasize “creating tangible value,” which includes “development of core ethereum infrastructure; the funding of decentralized apps through the company’s venture studio; the selling of blockchain solutions, including advisory services, to enterprise clients; and the educating of both developers and the general public in blockchain technology.”
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