Digital assets unicorn Fireblocks firing 5% of staff
Digital assets unicorn Fireblocks firing 5% of staff
Fireblocks, which raised $550 million at an $8 billion valuation in January of 2022, is laying off a total of 30 employees
Fireblocks, which has developed an enterprise-grade platform for moving, storing, and issuing digital assets, is laying off 30 employees, accounting for 5% of the team. This is the first time the company has laid off employees since the start of the crisis in high-tech, with around half of those leaving Fireblocks being based out of Israel.
Fireblocks, which raised $550 million at an $8 billion valuation in January of 2022, announced last September that its 2022 Annual Recurring Revenue (ARR) had surpassed $100 million just four years after the company’s inception and three years since its first product went to market.
Its growth came despite the downturn in the crypto market, which saw digital assets plummet in value and several prominent companies, most notably crypto exchange FTX, file for bankruptcy.
“As we prepare for our next wave of growth, we want to ensure we are optimized to capture and serve Fireblocks’ new verticals, use cases and markets,” said Fireblocks CEO Michael Shaulov. “As a result of this need, we underwent a small restructuring to the footprint of our global teams which will help position us to more effectively meet our business objectives and customers’ needs in 2023. We are working with each impacted employee to ensure they transition to another great opportunity and thank each of them for their contributions to Fireblocks.”
Fireblocks’ MPC-CMP technology has become widely adopted by some of the world’s most recognized institutions and startups such as BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex. In 2022, over 1,500 organizations deployed its technology to protect customer and investor funds, strengthen digital asset security, and streamline day-to-day crypto operations.
