ConsenSys chief Joe Lubin informed the teams via email that they might be closed down, people conversant in things said.
A member of the seven-person team in India confirmed the closures of the local office and therefore the Philippines operation but referred further inquiries to the most office in Brooklyn, N.Y.
“A total of 11 roles were eliminated in India and therefore the Philippines thanks 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 abandoning (it’s right down to about 1,000 now). The venture studio grew rapidly during the last crypto Bull Run when the worth of ethereum tokens reached over $1,000 but began refocusing priorities within 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 performing on variety of decentralization projects including health care and land titling, to not mention an ambitious education program to foster ethereum coding within the region.
In the Philippines, ConsenSys was helping to drive a blockchain-based interbank payment network, dubbed Project i2i, involving UnionBank. it’s unclear what is going to happen thereto project now.
In March, ConsenSys Ventures made an investment of an undisclosed size in Philippines-based cryptocurrency exchange PDAX.