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Ethereum Developer ConsenSys Shuts Down Operations in India and Philippines

[color=rgba(0, 0, 0, 0.8)]The cryptocurrency market has challenged many platforms in their ability to remain profitable through both the bull and bear markets. With the evolving changes of the market, and the continued efforts towards innovation, ConsenSys has decided to withdraw their teams from India and the Philippines.[/color]

[color=rgba(0, 0, 0, 0.8)]There are over 30 hubs around the world that are attributed to ConsenSys, the Ethereum blockchain development company. However, as reported by CoinDesk, the company has shut down their operations in both India and the Philippines. The teams were notified by Joe Lubin via email, who stated that the offices would be shut down, and the closure was confirmed by one of the members of the team in India.[/color]

[color=rgba(0, 0, 0, 0.8)]This shutdown was part of a series of layoffs that began last year, dropping about 13% of the staff, which was about 1,200 members at the time. Since then, the total number of people employed have dropped down to 1,000 people. The last bull run of the crypto market paved the way for growth for the venture studio, bringing the price of Ethereum tokens up to $1,000. However, the crypto winter forced them to change their priorities and adjust their staff.[/color]

[color=rgba(0, 0, 0, 0.8)]Overall, the operations shut down in India and Philippines only accounted for less than a dozen people in total, but their work involved some high-profile projects for the company. In India, the team was working on decentralization for multiple sectors, like healthcare and land titling. The team in the Philippines was focused on a network called Project i2i, using blockchain technology for interbank payments with UnionBank. Presently, the future of these projects is unclear.[/color]

[color=rgba(0, 0, 0, 0.8)]Further questions were directed to the main office for ConsenSys in Brooklyn, New York, but CoinDesk reports that there was no comment provided by press time.[/color]