ConsenSys Informs Accounting SaaS Project Balanc3 is Closing Doors On Its Operations
Bad news for the blockchain company ConsenSys after the project known as Balanc2 decided to shut down its operations.
Balanc3 is an accounting SaaS project that has received support from ConsenSys. The information has been released in an email that The Block received.
Balanc3 Shuts Down its Operations
It seems that the bear market in the crypto space continues harming different projects and companies.
This time, Balanc3 announced that it will be shutting down its operations. As reported by The Block, Balanc3 sent an email to clients in which they inform that they will be decommissioned as soon as on April 15, 2019. On the matter, they commented:
“ConsenSys is committed to maintaining a portfolio of companies that support the growth of the Ethereum ecosystem. Projects across the ConsenSys mesh are constantly realigning to build the next generation of decentralized tools and meet market demand. As part of this process, the Balanc3 application will be decommissioned on April 15, 2019.”
The company aimed at building tools and monitor on-chain transactions and addresses on public blockchains. This portfolio tool allowed individuals and other projects to track digital asset balances and also process other information.
Back in December, ConsenSys unveiled its new 2.0 strategy for the future. The firm announced that it entered the new phase with the intention to improve its efficiency, accountability and be focused on revenue. This decision that the company took came close to the lowest point for Bitcoin and altcoins in the market.
Joseph Lubin, the founder, and CEO of ConsenSys explained that they must regain the lean and gritty startup mindset that allowed them to be where they currently are. Apparently, those underperforming projects will stop receiving funding and they will be working more like a traditional startup accelerator.
ConsenSys is a working studio that has provided funding and know-how to firms that were starting to operate in the crypto market.
Despite the fact that this project has been eliminated, they will also be focusing on the creation of value in different projects that they have already invested.