More Staff Cuts Are Coming at Ethereum Studio ConsenSys

Ethereum venture studio ConsenSys is spinning out or cutting off funding for a number of its portfolio startups, or "Spokes" in company parlance, three sources with knowledge of the situation tell CoinDesk.

CoinDesk was not able to independently confirm that figure, but multiple sources have said additional staff cuts are impending.

Thursday's news follows the announcement earlier this month of roughly 150 layoffs, or 13 percent of the company's staff.

CoinDesk reported last week that more cuts were likely, citing current and former employees.

One source told CoinDesk that ConsenSys is presenting some of its spokes with an option to discontinue work with a severance package or seek outside investment.

The company has declined to answer questions about how the spokes will be jettisoned.

"It's perhaps the most dramatic development at the company since founder Joe Lubin first announced his vision for"ConsenSys 2.0″ late last month.

Whereas previously "It was good enough to do cool projects," Lubin told CoinDesk earlier this month, ConsenSys 2.0 will be different: "We are going to focus much more rigorously across the different business lines on accountability, that includes financial sustainability."

The decentralized company has grown rapidly, with a major hub in Brooklyn and outposts spanning the globe.

A recent profile published by Forbes estimated the company's annual burn rate at over $100 million.