Categories: Ethereum

ConsenSys on Restructuring Mode, Key Executive Steps Down

Click here to view original web page at www.financemagnates.com

In a bid to scale up its business, the New York-headquartered blockchain company is restructuring its various operations.

ConsenSys has consolidated its three wings – ConsenSys Ventures, it’s Tachyon accelerator, and the ConsenSys Labs – into a single investment arm, it stated in a May 6 released press release.

Commenting on the move, Joseph Lubin, founder and CEO of ConsenSys, said: “To continue to scale our investment activities, we need to consolidate systems and operations to improve our efficiency and portfolio management, while providing the best possible experience for founders in every phase of the company building lifecycle.”

Following this path, Kavita Gupta, the head of ConsenSys Ventures, stepped down from her position, as reported by The Block on May 6. She was one of the key executives of the company and was oversing the company’s $50 million investment portfolio.

Suggested articles

3-Month Free Trading Offer with TIOmarkets Ends SoonGo to article >>

“As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices,” Lubin added.

Founded by the Ethereum co-founder, the startup is focused on building a growing ecosystem of developers that work on decentralized applications and infrastructure for the Ethereum blockchain. In addition, the company also offers advisory services to enterprises and governments on blockchain technology.

Till now, the company is being funded by Lubin himself, however, due to the slump in the crypto market, the value of the stake he received from Ethreum also went down drastically. This forced the blockchain firm to seek $200 million in funding, according to a media report published last month.

Increasing investment portfolio

In the press release, the blockchain company also revealed that it has closed 21 investment deals, including ErisX, Truffle Blockchain Group, and Adhara, in the first four months in 2019.

“While ConsenSys is focused on building and providing the tools, products, and platforms to enable the decentralized ecosystem, we are equally interested in supporting and co-creating potential breakthroughs and key capabilities with the leaders of tomorrow through equity investments,” Lubin added.

ConsenSys has consolidated its three wings – ConsenSys Ventures, it’s Tachyon accelerator, […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

4 hours ago

Are Whales Behing Bitcoin’s Latest Dips?

A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved… Read More

4 hours ago

Bitcoin Drops Below $10,000 as Support Wears Thin

Bitcoin (BTC) has once again found itself caught in the throes of a choppy trading range that has provided little… Read More

4 hours ago

Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks.… Read More

4 hours ago

Cresio CIO Comments, New ‘Satoshi’ and BTC Games: This Week in CT Spain

As many of our readers probably know, Cointelegraph has a number of non-English branches, each covering news from different parts… Read More

4 hours ago

VeChain Attends Shanghai International Blockchain Week 2019

SHANGHAI, Aug. 24, 2019 /PRNewswire/ -- From September 14-18, 2019, Shanghai International Blockchain Week 2019, the largest and most influential… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More