Ethereum Builder ConsenSys Shutters India and Philippines Operations

ConsenSys, the ethereum blockchain development company with hubs around the globe, has shut down key operations in India and the Philippines.

AccessTimeIconDec 11, 2019 at 5:00 p.m. UTC
Updated May 9, 2023 at 3:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

ConsenSys, the ethereum blockchain development company with over 30 hubs around the globe, has shut down key operations in India and the Philippines, CoinDesk has learned.

ConsenSys chief Joe Lubin informed the teams via email that they would be closed down, people familiar with the situation said.

  • 80% of Meme Coin Performance Occurs During Asia Trading Hours: 10x Research Founder
    00:55
    80% of Meme Coin Performance Occurs During Asia Trading Hours: 10x Research Founder
  • Standard Chartered Bullish on Bitcoin; SOL Crosses $200 Amid Meme Coin Frenzy
    02:16
    Standard Chartered Bullish on Bitcoin; SOL Crosses $200 Amid Meme Coin Frenzy
  • What's Driving the Rally in Reddit Community Token MOON?
    01:06
    What's Driving the Rally in Reddit Community Token MOON?
  • Tokenization and Stablecoins Continue to Be TradFi's Top Interest in Crypto: Expert
    00:53
    Tokenization and Stablecoins Continue to Be TradFi's Top Interest in Crypto: Expert
  • A member of the seven-person team in India confirmed the closures of the local office and the Philippines operation but referred further questions 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 spokesperson Kara Miley, offering no other details.

    The cutbacks follow a round of layoffs late last year that saw about 13 percent of ConsenSys' then-1,200-person staff let go (it's down to about 1,000 now). The venture studio grew rapidly during the last crypto bull run when the price of ethereum tokens reached over $1,000 but began refocusing priorities in the depths of crypto winter.

    While the India and Philippines operations employed fewer than a dozen people combined, they worked on high-profile initiatives.

    ConsenSys India was working on a number of decentralization projects including health care and land titling, not to mention an ambitious education program to foster ethereum coding in the region.

    In the Philippines, ConsenSys was helping to drive a blockchain-based interbank payment network, dubbed Project i2i, involving UnionBank. It is unclear what will happen to that project now.

    In March, ConsenSys Ventures made an investment of an undisclosed size in Philippines-based cryptocurrency exchange PDAX.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.