Israeli Blockchain-Based Platform To Layoff Most Of Its Staff Due To Restructuring

An Israeli blockchain-based application platform, registered in Gibraltar, First Digital Assets (FDA) is in today’s blockchain news after the announcement that the company published that most of the employees will likely be fired due to major restructuring processes. The information was confirmed to the news outlet from Israel, Globes.

First Digital Assets application platform operates on multi spin-off companies in the blockchain industry and wants to merge all but one of the companies into their original parent company. The company’s research arm, One Alpha will eventually close entirely.

The latest blockchain-based company on the market to perform a massive cost-cutting exercise, the FDA platform says tough market conditions will highly impact the core of the decision. The company told the Globes in a statement:

 “The cryptocurrencies market experienced an earthquake last year, which forces us to be brave and consider First Digital Assets’ various activities. 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.”

First Digital Assets did not mention how many employees exactly will lose their jobs when the restructuring happens. As previously reported, multiple popular crypto industry players are also reorganizing their operations by cutting down on the number of employees and focusing on investing in more lucrative outlets.

Back in December 2018, the mining giant Bitmain started this trend after it closed down all operations in Israel which led to the loss of about 23 jobs for the employees. The blockchain software company Consensys and crypto exchange Huobi used the same strategy.