Crypto Startup Fireblocks to Cut 3% of Workforce in Restructuring Move

Fireblocks, a crypto startup, has announced plans to lay off nearly 3% of its workforce as part of a restructuring effort. The move follows similar job cuts by other market players, including Polygon Labs and SNAP token creator. The layoffs are part of Fireblocks' efforts to streamline its operations and expand into new geographies. The tech and financial industries have been grappling with job cuts, with over 32,000 jobs lost in the digital sector this year alone. The layoffs are seen as a result of social contagion, with businesses mimicking the actions of their peers.