Israeli Fintech Firm Fireblocks Lays Off 70 Employees Globally
Translated & summarized from Globes by baba
Israeli fintech company Fireblocks has laid off approximately 70 employees globally, including dozens in Israel, constituting about 7% of its workforce. This is the third round of layoffs since 2023, with previous cuts affecting 5% and then less than 3% of staff. The company cited strategic growth and client needs as reasons for the decision, while denying recent acquisition talks with Visa.
The story in 5 lines · by baba
- Fireblocks, an Israeli fintech company, has laid off about 70 employees worldwide, including dozens in Israel.
- The layoffs represent approximately 7% of the company's global workforce.
- This is the third round of layoffs for Fireblocks since February 2023.
- The company denied recent reports of acquisition talks with payment giant Visa for $2.5 billion.
- Fireblocks specializes in secure digital asset management for financial institutions.
Israeli fintech company Fireblocks is laying off approximately 70 employees worldwide, including dozens in Israel, representing about 7% of its workforce. The company, founded in 2018, specializes in developing secure technological infrastructure for banks, financial institutions, and crypto companies to manage digital assets. This latest round of layoffs is the largest the company has conducted.
In February 2023, Fireblocks previously dismissed around 30 employees, or 5% of its staff, with about half of those in Israel, primarily in administrative and support roles. Another round of layoffs occurred in February 2024, affecting about 20 employees, less than 3% of its workforce, as part of a reorganization of its global sales, marketing, and support departments.
A spokesperson for Fireblocks stated that the layoffs are part of a "structural change" aimed at supporting the company's strategic growth and optimizing its services for current client needs. The company acknowledged the difficulty of the decision and pledged to provide affected employees with an extended compensation package and career support.
Fireblocks reached a valuation of approximately $8 billion in 2022, making it one of Israel's highest-valued fintech firms at the time. The company recently denied reports that it was in acquisition talks with payment giant Visa for around $2.5 billion.
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