The constantly evolving nature of the cryptocurrency and blockchain industry affects not only the consumers at the end of the production cycle but also those who work for cryptocurrency and blockchain firms. For example, when crypto experienced the great winter of 2018, many prominent firms were forced to lay off staff due to not being able to keep up with profits. While most of the focus is on the consumers when major changes happen within the crypto industry, it is worth noting that employees are inevitably affected by whatever changes or decisions are made as well.
According to a February 4, 2020 press release, blockchain firm Consensys intends to lay off 14 percent of its total staff while focusing its attention towards splitting the company into two distinct arms.
Besides the laying off of workers, the company also intends to restructure while splitting into two distinct arms. One arm of the company will focus on blockchain software while another will be focused on the investment side of things. This is not the first time the Consensys is laying off staff as back in January 2019, they layed off 13 percent of the total workforce at the time and the company has gone through significant changes in the last few years. This new layoff of jobs, according to Consensys, is to have restructured teams in order to make them more focused on the blockchain software arm of things.
It is also interesting to note that Consensys is making deliberate effort yo diversify its business model beyond has blockchain software. This draws parallels to many firms within the blockchain and crypto space who are expanding their efforts such as Binance creating a research lab, as well as a foundation and this goes for other firms such as Ethereum. Even as crypto and blockchain firms continue to grow on the world stage, it is clear that the capabilities are hardly limited and that there is little they cannot expand into under the right circumstances.