ConsenSys plans to spin out most of its startups, and it’s going to mean layoffs

Layoffs are coming to ConsenSys, the Ethereum-focused startup incubator and blockchain technology conglomerate. According to sources at the company, ConsenSys is quickly spinning out startups that it previously supported, which will drastically impact its workforce and leave an uncertain fate for one of the blockchain world’s most ambitious and well-funded startups.

ConsenSys runs an internal incubator called ConsenSys Labs that houses startups — “spokes,” in company parlance. ConsenSys Labs incubates around 36 spokes, according to an email sent by Shawn Cheng, a partner at Labs. Spoke team sizes range from 5 employees to as many as 50, says a source familiar with the spokes, who also speculates the total number of employees who will be…

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