Israeli Fireblocks lays off about 70 employees worldwide and in Israel

The Israeli fintech company Fireblocks is laying off about 70 employees worldwide and in Israel, approximately 7% of its workforce, in its third round of layoffs in recent years. The company stated that this is a necessary structural change.

The Israeli fintech company Fireblocks is laying off about 70 employees worldwide, including dozens in Israel, constituting about 7% of its workforce, as reported by Globes. Founded in 2018, Fireblocks develops technological infrastructure for securing and managing digital assets for banks, financial institutions, and crypto companies. This is the company's third round of layoffs: in February 2023, about 30 employees (5%) were laid off, and in February 2024, about 20 employees (less than 3%). The current round is the largest of the three. The company stated that this is a 'difficult but necessary decision' as part of a structural change to support strategic growth, and that employees will receive an enhanced severance package and assistance. In 2022, the company reached a valuation of about $8 billion. Yesterday, reports emerged of negotiations for its sale to Visa for $2.5 billion, which Fireblocks denied.