First Digital Assets will reportedly make significant adjustments to its staff size as a result of the current bear market.
Gibraltar-registered Israeli blockchain application platform First Digital Assets (FDA) will fire most its employees in a major restructuring process, the company confirmed to Israeli English-language news resource Globes on March 4.
FDA, which operates multiple spin-off companies in the blockchain space, will merge all but one of them into their parent company. Its research arm, One Alpha, will reportedly close entirely.
The latest company in the blockchain industry to perform a drastic cost-cutting exercise, FDA said tough market conditions lay at the heart of its decision.
“The cryptocurrencies market experienced an earthquake last year, which forces us to be brave and consider First Digital Assets' various activities,” the company told Globes in a statement.
“We are… focusing on our liquidity activity, which continues to be fruitful, while at the same time channeling our development efforts to creating new solutions in blockchain, which we believe is the technology of the future.”
The company did not name the exact number of employees to lose their jobs as a result of the changes.
As Cointelegraph has previously reported, several well-known cryptocurrency industry entities have already reorganized their operations, downsizing certain areas to focus on more lucrative outlets.
In December, Bitcoin mining giant Bitmain led the trend, closing down its Israeli operations entirely with the loss of 23 jobs. Blockchain software technology company ConsenSys and cryptocurrency exchange Huobi subsequently deployed similar strategies.