The New York-based blockchain technology developer ConsenSys has discharged 14% of its current labour force. As per the press release, the company stated that Consensys will discrete software development business from its progressive activities.
The main focus of ConsenSys is on the Ethereum blockchain.
According to the company, the downfall in the jobs will have an effect on the positions of human resources, finance, and marketing, the product teams will be completely unaffected by this dispositioning of jobs. As of now, Consensys has refused to give a statement on the overall job loss.
The Company representative said,
ConsenSys will utilize a software business that is framed of its products optimized for a modular stack, which includes INfura, PegaSys, MetaMask, and Codefi, and many others. The two main goals of business according to ConsenSys is to provide tools for the developer and build proper infrastructure for the developer, decentralized monetary system and startup communities.
The company is affirming that it will continue to sanction all the projects in the Ethereum ecosystem – $175kgrants were awarded to the project teams in October last year.
Talking about the expansion ConsenSys is trying to break into the $3.8 trillion municipal debt. On Tuesday, in a separate announcement, ConsenSys made it public about the purchase of broker-dealer Heritage Financial System, which will provide the firm with both advisory and broker-dealer capabilities.
Further, the company representatives went on to explain,
ConsenSys believes that blockchain technology can make the issuing of tokenized bond offerings easier, which will help issuers to sell securities in smaller values, also known as mini-bonds.