Connect with us

Hi, what are you looking for?

Economy

Crypto Custody Firm Fireblocks Latest to Cut Jobs Amid Tech Layoffs

Crypto custody provider Fireblocks has announced a reduction in its workforce as part of a restructuring effort.

In a recent interview with Bloomberg, Fireblocks said it has been working on restructuring its go-to-market and customer support operations over the past six months.

The goal is to enhance efficiency and streamline services for customers, while also positioning the company for expansion into new geographical markets.

The firm clarified that less than 3% of its teams have been impacted by the restructuring, and those affected will receive severance packages.

“Less than 3% of our teams have been impacted by the restructuring, and all those impacted have been granted severance packages.”

Fireblocks Lays Off 21 Employees


The firm said a total of 21 employees, out of its global workforce of 680 individuals, were affected by the workforce reduction.

As one of the industry’s most well-funded startups, Fireblocks has raised approximately $1.2 billion from investors including Sequoia Capital and Coatue Management.

In January 2022, the company achieved a valuation of $8 billion following a funding round.

Last year, Fireblocks acquired Australian blockchain startup BlockFold for around $10 million, further bolstering its presence in the market.

Furthermore, the company gained recognition when it provided its technology to BNY Mellon for the custody of Bitcoin and Ethereum on behalf of the bank’s customers. 

The crypto industry has witnessed a series of layoffs over the past year, with notable companies such as Gemini Trust, Blockchain.com, and Coinbase Global also reducing their staff numbers in 2023.

Despite price rallies in cryptocurrencies and optimism surrounding the potential approval of Bitcoin exchange-traded funds by the US Securities and Exchange Commission in January, the industry experienced a significant drop in crypto job postings of nearly 60% in December.

Tech Layoffs Continue to Hit


The tech industry has faced a significant wave of layoffs in 2024, with companies across various sectors cutting jobs to adjust to changing market conditions and strategic directions.

By February 6, 130 tech companies have laid off 32,576 workers, according to a recent report by Inc

Notably, these layoffs are not isolated incidents but part of a continuing trend from the previous year, which saw over 262,682 tech workers losing their jobs, significantly higher than the 164,969 layoffs in 2022.

High-profile companies have not been immune to these layoffs, with big names like Snap cutting 10% of its workforce and Drizly, an alcohol delivery app owned by Uber, expected to shut down entirely by the end of March, affecting all 168 employees​.

The layoffs span a broad range of sectors within the tech industry, from consumer tech giants like Google, Amazon, and Meta to smaller startups and companies focused on healthcare, retail, and energy.

The post Crypto Custody Firm Fireblocks Latest to Cut Jobs Amid Tech Layoffs appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

With Bitcoin’s (BTC) price quickly re-approaching its all-time high, almost all holders of the digital currency are back in the black. Blockchain market intelligence...

Economy

Circle, USDC’s issuer, has struck a partnership deal with Coincheck, one of Japan’s biggest crypto exchanges – with a view to securing the stablecoin’s...

Economy

In wake of the Pepe Coin (PEPE)’s 40% price pump on Tuesday, profit-taking Pepe holders are shifting funds to a new crypto token for...

News

President Biden said Israel has agreed to a cease-fire in the Gaza Strip during the Islamic holy month of Ramadan, but Hamas is not...

News

Sen. Josh Hawley, R-Mo., is urging global consulting firm McKinsey & Company to hand over ‘comprehensive documentation’ showcasing its past or present contracts with the...

News

House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, is threatening to hold Secretary of State Antony Blinken in contempt of Congress, accusing him of...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.