Ethereum Builder ConsenSys Shuts Down Key Operations in India and Philippines

ConsenSys, the ethereum blockchain development firm with more than 30 hubs worldwide, has closed down primary operations in India and the Philippines. 

ConsenSys chief Joe Lubin told the teams through email that they would be shut down, individuals with knowledge of the matter said.

A member from the seven-person group in India affirmed the terminations of the local office and the Philippines operation but directed further inquiries to the main office in Brooklyn, N.Y.

“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,” said ConsenSys representative Kara Miley, providing no other subtleties.

The reductions follow a series of layoffs toward the end of last year that witnessed let go of around 13 percent of ConsenSys’ then-1,200-person staff (it’s down to around 1,000 at present). The venture studio increased quickly during the last crypto bull run when the cost of ethereum tokens came to more than $1,000 but started refocusing priorities in the midst of crypto winter.

While the India and Philippines operations contracted less than a dozen individuals together, they worked on high-profile projects.

ConsenSys India was taking a shot at various decentralization ventures, including health care and land titling, not to mention an ambitious education project to encourage ethereum coding in the region.

In the Philippines, ConsenSys was helping in facilitating a blockchain-based interbank payment network, named Project i2i, together with UnionBank. It is not clear what will happen to that venture now.

In March, ConsenSys Ventures invested an undisclosed amount in the Philippines-based digital currency exchange PDAX.