ConsenSys on Restructuring Mode, Key Executive Steps Down

In a bid to scale up its business, New York-headquartered Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term company ConsenSys is restructuring its various operations.

ConsenSys has consolidated its three wings - ConsenSys Ventures, it's Tachyon accelerator, and the ConsenSys Labs - into a single investment arm, it stated in a May 6 released press release.

Commenting on the move, Joseph Lubin, founder and CEO of ConsenSys, said: “To continue to scale our investment activities, we need to consolidate systems and operations to improve our efficiency and portfolio management, while providing the best possible experience for founders in every phase of the company building lifecycle.”

Following this path, Kavita Gupta, the head of ConsenSys Ventures, stepped down from her position, as reported by The Block on May 6. She was one of the key executives of the company and was oversing the company’s $50 million investment portfolio.

“As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices,” Lubin added.

Founded by the Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term co-founder, the startup is focused on building a growing ecosystem of developers that work on decentralized applications and infrastructure for the Ethereum blockchain. In addition, the company also offers advisory services to enterprises and governments on blockchain technology.

Until now, the company is being funded by Lubin himself, however, due to the slump in the crypto market, the value of the stake he received from Ethreum also went down drastically. This forced the blockchain firm to seek $200 million in funding, according to a media report published last month.

Increasing investment portfolio

In the press release, the blockchain company also revealed that it has closed 21 investment deals, including ErisX, Truffle Blockchain Group, and Adhara, in the first four months in 2019.

“While ConsenSys is focused on building and providing the tools, products, and platforms to enable the decentralized ecosystem, we are equally interested in supporting and co-creating potential breakthroughs and key capabilities with the leaders of tomorrow through equity investments,” Lubin added.