Today ConsenSys, the Ethereum blockchain studio,
announced that it’s cutting 13% of its team. The group has ballooned to 1,100 members, which to date has been financed by founder Joseph Lubin. He earned billionaire status from owning large amounts Ether as the first backer and a co-founder of Ethereum. However, the current cryptocurrency price slump has dented his reserves with the Ether price dropping below $100 today. At its peak it was almost $1,400.
Hence at the end of last week, Lubin circulated a
letter internally outlining his vision of ConsenSys 2.0, as first revealed by
Breaker. (Letter courtesy of
theBlock). “We need to focus on financial sustainability so that we can continue to do what we all believe to be important for the long-term growth of ConsenSys.”
The letter presents a view held by many seasoned startup investors: “We will seek to run leaner projects because often better decisions are made in a context of more constrained resources. Scarcity sharpens the senses and forces discernment in decision making.”
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