The Cryptocurrency Firm Fireblocks Reduced its Workforce by 5%

To maintain economic stability, the tech giants are reducing their existing workforce. The first month of 2023 started with huge layoffs of nearly 3000 workers from different sectors. For the first time, Fireblocks, the blockchain crypto firm, has decided to remove 30 workers from the platform.

Michael Shaulov, CEO of Fireblocks, said, “As we prepare for our next wave of growth, we want to ensure we are optimized to capture and serve Fireblocks’ new verticals, use cases and markets.” “We underwent a small restructuring to the footprint of our global teams, which will help position us to more effectively meet our business objectives and customers’ needs in 2023,” Shaulov said.

Fireblocks developed to create new blockchain-based products and manage digital asset operations have topped $100 million in 2022 annual recurring revenue (ARR). Four years after its launch and three years after the sale of its first product, the company achieved this milestone. Fireblocks has accomplished this in less than five years, becoming a unicorn and a centaur.

To tackle the FTX-like situations in the crypto market, Fireblocks is preparing to launch a new platform to support traditional finance firms from crypto meltdowns. The firm said this innovation would act as an intermediary, letting firms keep digital assets in custody while trading. In December 2022, Fireblocks received the first-ever Cryptocurrency Security Standard (CCSS), a qualified Service Provider Level 3 certification by C4.

Earlier, CNBC’s Mad Money host Jim Cramer predicted that many companies would reduce their workforce after the Christmas holidays to maintain economic stability. At the end of November, US-based firms announced 76,835 job cuts. And the leading big tech companies like Twitter, Meta, Apple and Microsoft fired hundreds of workers at the end of 2022.

The tech giants removed half of the workforce to reduce the company’s revenue loss, while some firms froze hiring. “Even the most marginal, newly public enterprises just keep chugging along. You would think some of these SPAC names would run out of money soon,” Cramer added.

The US-based crypto exchange Coinbase initiated the first crypto layoffs of 2023. On Jan 10, Coinbase announced layoffs of nearly 940 workforces. Luno, Crypto.com and Huobi announced the reduction of their workforce to 340, 500 and 300 workers. In mid-Jan, IBM, Spotify, Intel and Alphabet cut 4000, 600, 544 and 12.000 jobs, respectively.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing