Israeli-Led Blockchain App Company to Make Extensive Layoffs While Restructuring

First Digital Assets will reportedly make significant adjustments to its staff size as a result of the current bear market.

Gibraltar-registered Israeli blockchain application platform First Digital Assets (FDA) will fire most its employees in a major restructuring process, the company confirmed to Israeli English-language news resource Globes on March 4.

FDA, which operates multiple spin-off companies in the blockchain space, will merge all but one of them into their parent company. Its research arm, One Alpha, will reportedly close entirely.

The latest company in the blockchain industry to perform a drastic cost-cutting exercise, FDA said tough market conditions lay at the heart of its decision.

“The cryptocurrencies market experienced an earthquake last year, which forces us to be brave and consider First Digital Assets' various activities,” the company told Globes in a statement.

“We are… focusing on our liquidity activity, which continues to be fruitful, while at the same time channeling our development efforts to creating new solutions in blockchain, which we believe is the technology of the future.”

The company did not name the exact number of employees to lose their jobs as a result of the changes.

As Cointelegraph has previously reported, several well-known cryptocurrency industry entities have already reorganized their operations, downsizing certain areas to focus on more lucrative outlets.

In December, Bitcoin mining giant Bitmain led the trend, closing down its Israeli operations entirely with the loss of 23 jobs. Blockchain software technology company ConsenSys and cryptocurrency exchange Huobi subsequently deployed similar strategies.


By Readers$type=blogging$cate=2$count=6


Analysis,498,News,2998,Press Releases,338,Sponsored,137,
CryptoNomus: Israeli-Led Blockchain App Company to Make Extensive Layoffs While Restructuring
Israeli-Led Blockchain App Company to Make Extensive Layoffs While Restructuring
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy