ConsenSys restructures, Kavin Gupta steps down

06 May, 2019
by David Borman
ConsenSys restructures, Kavin Gupta steps down

It is being reported by Coindesk that Ethereum-centric company ConsenSys is restructuring and merging its branches and as a part of this shake up, head of ConsenSys Ventures Kavita Gupta is stepping down, though will remain on the board of directors.

ConsenSys Ventures is being merged with Tachyon startup accelerator and ConsenSys Labs, all of which will now be under the direction of Shawn Cheng, a managing partner of ConsenSys Labs. This has led to Kavita Gupta, the previous head of the Ventures branch, to step down. In Gupta's own words:

"All the investment activities are lining up together, which is great... I will remain on the board of some of the existing companies and help."

This comes only weeks after it was revealed that the company is seeking $200 million from investors in order to get back on track after some financial troubles connected to the crypto bear market.

It isn't clear, but the restructuring could be a bid to streamline the company in order to save money. Shawn Cheng is quoted in the article as to what this streamlining hopes to achieve:

"We want to level up, put even more skin in the game and help actually build the products... It’s less about zero-sum and more about pie growth right now... We also want to provide flexibility with how people think about investments and liquidity pools."

In any event, stick with Chepicap for all updates on ConsesSys' situation!

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