Blockchain outfit ConsenSys had closed down two of its offices – one in India and the other in the Philippines.
Reported by Coindesk, the organization has also removed its presence in those two locations from its website. The local team was reportedly informed via an email from Joseph Lubin, head of ConsenSys and Ethereum co-founder.
The shut down also followed the lay-off of all eleven staff working at those offices.
“A total of 11 roles were eliminated in India and the Philippines due to a realignment of the sales and services team in those countries,” Kara Miley, a spokesperson at ConsenSys, confirmed.
An ambitious blockchain project
Founded by Lubin in 2014, ConsenSys is focused on building a growing ecosystem of developers that work on decentralized applications and infrastructure for the Ethereum blockchain. It also advises enterprises and governments globally.
Supplemental Income with the FBS CopyTrade App!Go to article >>
Lubin started the company with his own funds, which he received from Ethereum, but the Brooklyn-based company’s business was massively hit by the bear in the cryptocurrency market, especially when the value of Ether plummeted.
Late last year, the company let go of 13 percent of its employees, which brought down the total headcount in the company to below 1,000.
Though headquartered in New York, the company has a massive international presence with offices all over the globe. After the shut down of the two offices, it still has five more offices in the Asia-Pacific region – Sydney, Singapore, Brisbane, Hong Kong, and Tokyo.
According to Coindesk, the Indian office of the company was engaged in developing a number of decentralized projects in health care, land titling, and other areas while the team based in the Philippines was helping to drive a blockchain-based interbank payment network, dubbed Project i2i, involving UnionBank.
Without any proper update from the company, the fate of these projects is still unclear.