ConsenSys’ Exec Gupta Exits Role As Firm Announces Major Restructuring Operation
ConsenSys has announced plans for a major reconstruction exercise at the company, including reworking its operations as a long-serving executive Kavita Gupta leaves her role.
The New York-based blockchain startup is looking at a way to maximize its presence within the market and could do with a $200 million investment shot announced earlier.
ConsenSys announced its reorganization plans via a press release this Monday.
The streamlining goes beyond Gupta’s exit, having been with the company as a founding executive. Gupta has headed ConsenSys Ventures since its inception in 2017 but reportedly told The Block that she would be stepping down.
She also confirmed this on Twitter, noting that she would continue to work with the company as an advisor.
The other changes will see the firm merge several of its projects into a single investment umbrella.
As per the company, its ConsenSys Labs, ConsenSys Ventures, and accelerator Tachyon will combine under one investment arm.
Joseph Lubin, the founder of ConsenSys, noted in the press release that the move to consolidate is aimed at helping the startup to scale its investment activities. He said that consolidating systems and operations would improve the firm’s efficiency and enhance its portfolio management.
At the same time, it will provide the company’s founders with the “best possible experience” at every phase of its development.
Lubin further noted that:
“As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices.”
ConsenSys’ recently announced plans aimed at raising $200 million from investors come on the back of a really tough year.
The company, like many others within the crypto industry, was hard hit during the cryptocurrency bear market. With crypto prices plummeting, ConsenSys laid off nearly 10 percent of its support staff.
At the moment, some company executives have expressed positivity about the company’s prospects in 2019, especially with an upturn in the crypto market likely to see ether (ETH) surge.
Ron Garret, the firm’s managing partner at ConsenSys Labs, said that ConsenSys is currently experiencing a lot of interest from Web 2.0 era founders. This group of investors are increasingly “turning to Ethereum and choosing to partner with ConsenSys as they look to build their next ventures,” he said.
He added that the New York-based startup remains dedicated to its goal of “pushing the limits” in terms of what the crypto industry can achieve with venture capital.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.