- The group is made up of a total of 5 companies, one to be dropped and the other 4 merged into one
- The First Digital Assets Group blame the bear market for their decision to restructure
- Only 5 out of 60 employees working for the group are non-Israeli
This week reports from Israel have revealed that the impact of the crypto market crash has forced First Digital Assets Group to restructure, with massive layoffs to follow.
First Digital Assets Group, founded by Ran “Goldi” Goldshtein, Yariv Gilat, and Etai Raz, will be undergoing comprehensive changes that will involve closing down of its research company, One Alpha then merging the remaining four companies – Titan, K1, Stamina, and Knox – into one parent company.
Winter bear market an ‘earthquake’ event
The damage caused by the turbulent winter market is being felt across the board, and so also in Israel. The group highlighted their belief in blockchain as a technology of the future; thus they will be looking into new solutions regarding the technology while at the same time focusing on the liquidity functions of the company. The report read:
“The cryptocurrencies market experienced an earthquake last year, which forces us to be brave and consider First Digital Assets’ various activities. We believe strongly in the sector. Fortunately, we have raised a large sum that remains in the company treasury, together with the vast experience we gained and the partnerships we created.”
Crypto layoffs a global phenomenon
First Digital Assets is the latest crypto group caught in the series of cutbacks after Coinhive who are shutting down their operations entirely. According to anonymous reports from sources who are aware of the group’s operations, it is only a matter of time before the platform starts laying off its employees. The group did not comment about the number of employees who will be laid off, but it does appear that the dismissals have already begun.
First Digital Assets used to be one of the largest crypto companies in Israel. Until now it constituted 65 employees where 60 of them are Israelis working in HaShahar Tower, the group’s offices in Givatayim.