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Fireblocks, a provider of crypto custody platforms, implemented a restructuring plan on Tuesday to reduce its workforce. This move comes amid ongoing layoffs in the tech industry, with 32,000 job losses this year.
Strategic Restructuring Efforts
The decision to reduce headcount follows Fireblocks' six-month effort to restructure its go-to-market and customer support operations.
The company aims to enhance service efficiency and streamline operations to serve its customers better while positioning itself for expansion into new markets. Fireblocks stated to Bloomberg that less than 3% of its teams were affected by the restructuring, with impacted employees receiving severance packages.
Expansion and Fiat Support
Fireblocks, known for its secure infrastructure for storing, moving, and issuing digital assets, recently announced its expansion into supporting fiat currencies.
The company has added support for the Euro (EUR), Swiss Franc (CHF), British Pound (GBP), Singapore Dollar (SGD), and Japanese Yen (JPY). This move is part of Fireblocks' broader plan to support 30 fiat currencies in the near future.
Collaboration with BCB Group
Incorporating BCB Group's BLINC into its network, Fireblocks enables payment companies and institutional trading firms to transfer fiat currencies securely with over 1,800 counterparties.
According to Bloomberg, the integration allows instant and secure transactions between crypto and fiat currencies, effectively clearing transactions in real time.
Enhanced On/Off Ramps
Ran Goldi, SVP of Payments and Network at Fireblocks emphasized the significance of collaborating with BCB Group in expanding on/off ramps between fiat and crypto.
According to Crowdfund Insider, these ramps facilitate payments and trading in the digital asset sector, benefiting exchanges and traditional financial services firms.
Overall, Fireblocks' restructuring and expansion efforts reflect its commitment to enhancing services, adapting to market demands, and positioning itself as a leading player in the evolving landscape of digital asset custody and transaction infrastructure.
Photo: Campaign Creators/Unsplash
