Ethereum co-founder Joseph Lubin reckons the “sky is not falling”

Recently FXStreet reported of ConsenSys, an Ethereum development consortium firm plan to cut its employees by more than 50%. The firm was founded by the co-founder of Ethereum (ETH), Joseph Lubin and is just as old as the Ethereum network.

Lubin has hit the headlines today following his bullish comments where he said that the future of Ethereum is “very bright”. These comments come as consolation to the investors of the Ethereum network after the asset has experienced the most devastating tailspin throughout this year. At the moment, Ethereum has started showing bullish signs. The comments also came in response to the reported that indicated that 50% of the employees at ConsenSys will be sent packing due to the ongoing restructuring of the company.

He reckoned the “sky is not falling” following the notification to the staff and added this is a “a sweeping plan to make ConsenSys more focused and competitive in an increasingly crowded field,”

Lubin encouraged the community saying:

“It’s focusing, it’s adding rigor, it’s adding accountability, and it’s opening ConsenSys up more to the world.” he added “Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members… Projects will continue to be evaluated with rigor, as the cornerstone of ConsenSys 2.0 is technical excellence, coupled with innovative blockchain business models.”

The founder made it clear that the restructuring process is not the reason behind the layoffs owing to the fact that the firm has recently employed 15 more staffs. He said that some of these of the staff are taking up other positions within the company.

Ethereum is currently trading at $146 after correcting higher on the day by $11.43%. There has been a retreat from the intraday highs of $154. Ethereum is still in the second position with a market cap of $15 billion and a 24-hour trading volume that currently stands at $3.8 billion.