Yesterday, Ethereum development studio ConsenSys announced it is separating its core technology business from its startup venturing activities. ConsenSys Investments will be spun off with its current portfolio of companies. The reorganization will result in a loss of 14% of its headcount.
ConsenSys was founded by Joseph Lubin, who is also a founder and early financer of Ethereum. ConsenSys has seeded over 100 companies with more than $100 million in investment since 2016. Meanwhile, the software division has developed several products and tools to help developers deploy applications on Ethereum.
This is not the first time ConsenSys realigned its goals. In 2018 it
cut 13% of its workforce to focus on financial sustainability. At the time, the founder said future projects would be evaluated by return on investment, social impact, and ecosystem value.
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