Summary
Fireblocks, a custody platform in the crypto industry, has laid off 21 members of its staff, representing 3% of its total headcount. The layoffs were said to be part of a restructuring effort to create a more efficient and streamlined service. This follows similar layoffs by Polygon Labs, with both firms citing efficiency as the reason rather than financial necessity. Fireblocks, which was valued at $8 billion, also hinted at plans to expand its operations globally. In other news, bitcoin mining firm Hut 8 announced a change in leadership, with its current president becoming the new CEO. Hut 8’s stock price has seen fluctuations but is down more than 35% overall in 2024.
Key Points
1. Fireblocks, a once-valued $8 billion custody platform, has laid off 21 staff members, which accounts for 3% of its total headcount. The layoffs were made in the name of efficiency rather than financial necessity.
2. This is the second notable crypto firm to make layoffs recently, following Polygon Labs’ announcement of cutting ties with 60 employees. Both firms cited the need for efficiency as the reason behind the layoffs.
3. Fireblocks stated that the layoffs were part of a broader restructuring in its go-to-market and customer support operations, aiming to create a more efficient and streamlined service. Similarly, Polygon Labs mentioned creating an “efficient surgical team” as the motive behind their layoffs.