Israeli Blockchain Company FDA To Dismiss Part Of Staff
First Digital Assets (FDA), the Gibraltar-based platform from Israel engaged in blockchain development, will dismiss the majority of its employees as part of a large-scale restructuring of its activities, Globes reports.
FDA manages several subsidiaries. A research firm One Alpha will be closed, and four other branches will be merged with the parent company. The FDA representatives refused to comment on the scale of dismissals, which probably have already begun.
First Digital Assets was founded in 2017 and became one of the largest blockchain companies in Israel, increasing the number of its specialists to 65. The negative trends in the crypto market made the management refer to massive staff cuts.
In 2018, events similar to earthquake happened on the crypto market, which forced to take drastic measures, the company representatives stated. The good thing is that FDA still has great capital, partners, and extensive experience in the crypto sphere. The platform believes that these resources will allow it to continue to develop new solutions related to blockchain, which is the technology of the future.
Many companies in the cryptocurrency and blockchain sphere are forced to make painful decisions about staff cuts. In December 2018, Bitmain, the leading Chinese manufacturer of mining equipment, announced large-scale layoffs. In early 2019, Erik Voorhees announced the same measures in his ShapeShift company.