Israeli Fintech Firm Fireblocks Lays Off Around 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 February 2023, with previous reductions affecting 5% and then less than 3% of staff. The company cited strategic growth and client needs as reasons for the "difficult but necessary" decision, promising support for departing employees.
The story in 5 lines · by baba
- Fintech firm Fireblocks is laying off approximately 70 employees globally, including dozens in Israel.
- The layoffs represent about 7% of the company's total workforce.
- This is the third round of layoffs for Fireblocks since February 2023.
- Previous layoffs in February 2023 and February 2024 affected 5% and less than 3% of staff respectively.
- The company cited strategic growth and client needs as reasons for the workforce reduction.
Israeli fintech company Fireblocks is reportedly laying off approximately 70 employees worldwide, including dozens in Israel. This represents about 7% of the company's total workforce. Fireblocks, founded in 2018, specializes in developing technological infrastructure for banks, financial institutions, and crypto companies to securely transfer, store, and manage digital assets. The company is recognized as a prominent Israeli fintech firm in the digital assets sector.
This latest round of layoffs is the largest of three such events. In February 2023, Fireblocks dismissed around 30 employees, about 5% of its staff at the time, with roughly half of those affected being in Israel. Those layoffs primarily impacted administrative and support roles. A year later, in February 2024, the company let go of approximately 20 employees, less than 3% of its workforce, as part of a reorganization of its global sales, marketing, and support departments.
A statement from Fireblocks explained the decision as a "difficult but necessary" structural change aimed at supporting the company's strategic growth and optimizing its services for current client needs. The company stated that all affected employees are valued and will receive comprehensive severance packages and outplacement assistance.
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