Posted 11 months ago | by Ben Armstrong
ConsenSys – Looking to the Future of Finance
Ethereum co-founder Joseph Lubin - the founder of ConsenSys, said that it would return to selling tokens in the near future. Lubin has been running and founding ConsenSys since 2015. When you hear him talk about the return and future of ConsenSys, you might think it's all about tokens.
Lubin was one of the five co-founders of Ethereum, and he was also behind ConsenSys, which funded an Editorial Deciphering Editor.
In its early years, ConsenSys promoted initial coin offerings. These ICOs were a way to raise funds for the projects it was incubating. But in 2018, those activities were slowed down by the regulatory actions in the space, and most of its token offerings were suspended.
There was a lot of money flowing into the ICO space, and unfortunately, there were also some bad actors who took advantage of the hype. Now, it looks like ConsenSys is back on track to sell tokens, and start attracting capital once again.
ConsenSys is Still Working on Great Projects
Lubin says he wants to go back to selling tokens, but take the sales in a different direction.
In 2014 when Ethereum started offering coins initially, there was little to no oversight in the industry. But now, token projects have very little space, especially when they want to sell into developed markets, like the USA.
However, Lubin thinks he may have found a way to do it. That's part of the reason why ConsenSys invested in building the Codefi Activate platform to launch the token.
Structural Changes Ahead
Recently, ConsenSys let a chunk of its workforce go. In April the company had to lay off 14% of the workforce, and it was the second layoff in two months.
The layoffs and downsizing of the apparatus did not indicate a decline in revenue. Lubin said that the company has a revenue forecast for 2020 that is nearly double that of 2019.
In addition, he hinted at structural reasons to adjust the nature of the company's workforce. There may be changes coming to the global financial landscape, and a greater role for tokens could be in the cards.
The Future of Finance
Lubin said the future of ConsenSys would be financialized.
He believes that some development work on future decentralized platforms will become more closely linked to governance. Everything is focused on tokens—tokenized assets. And tokens are all part of future governance, according to the innovator.
Lubin is also paying a lot of attention to decentralized finance, or DeFi applications, running on the blockchain. These dApps provide financial services to everyone, no matter where they are in the world. All of these factors are good for ConsenSys, and blockchain generally!