ConsenSys Outlines Strategic Transformation
Brooklyn, NY — Today ConsenSys announced how it is delineating its core technology business from its venturing activities. This restructuring is a critical step toward enabling ConsenSys to continue to drive innovation, better serve its customers and the broader ecosystem, and keep pace with accelerating market growth.
ConsenSys was founded as an Ethereum venture production studio, seeding over 100 companies with more than $100 million in investment since 2016, while simultaneously building the infrastructure and tools for the most-used open-source smart contract platform. ConsenSys has commercialized several of these applications and deployed Ethereum-based solutions for 300+ customers, including more than 50 enterprise clients. ConsenSys infrastructure and tooling has been widely adopted by decentralized application and finance innovators, and used by hundreds of thousands of individuals to connect to the global Ethereum mainnet.
Over the past year, ConsenSys undertook a deep strategic review and articulated two separate strategies to grow and support the ecosystem as a software company and a separate investment company.
- ConsenSys will operate a software business composed of several of its products optimized for a modular stack, which includes Infura, PegaSys, MetaMask, and Codefi, among several others. The business is focused on two goals: providing developer tools and infrastructure for the developer, decentralized finance, and startup communities; and helping enterprises in the financial services, trade finance, and commerce sectors deploy and operationalize blockchain solutions.
- ConsenSys Investments will continue its venturing activities by supporting its current portfolio of industry-leading companies and investing in best-in-class teams building at the protocol, infrastructure, application, and business layers, under the direction of a focused investment management team. The priority for new investments includes early-stage equity, liquid digital assets, and strategic opportunities where applicable.
Separating the core software business from investment activity means the shape and size of ConsenSys will change. As the company reorients, the Solutions (enterprise sales and services) and Marketing groups will directly support the software business, and continue to perform complex sales engagements and drive developer and community initiatives. As a result, overall headcount has been reduced by approximately 14%, restructuring teams to be better aligned with the needs of a focused software development company. In the coming months, ConsenSys will finalize the transition from its venture production model and spin out a number of its internally funded projects into the ConsenSys Investments portfolio.
ConsenSys remains committed to supporting the Ethereum ecosystem across public mainnet projects, as well as institutional and enterprise deployments, through both client work and investment activity.