An Israeli blockchain-based application platform, registered in Gibraltar, First Digital Assets (FDA) is in today’s blockchain news after the announcement that the company published that most of the employees will likely be fired due to major restructuring processes. The information was confirmed to the news outlet from Israel, Globes.
First Digital Assets application platform operates on multi spin-off companies in the blockchain industry and wants to merge all but one of the companies into their original parent company. The company’s research arm, One Alpha will eventually close entirely.
The latest blockchain-based company on the market to perform a massive cost-cutting exercise, the FDA platform says tough market conditions will highly impact the core of the decision. The company told the Globes in a statement:
“The cryptocurrencies market experienced an earthquake last year, which forces us to be brave and consider First Digital Assets’ various activities. 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.”
First Digital Assets did not mention how many employees exactly will lose their jobs when the restructuring happens. As previously reported, multiple popular crypto industry players are also reorganizing their operations by cutting down on the number of employees and focusing on investing in more lucrative outlets.
Back in December 2018, the mining giant Bitmain started this trend after it closed down all operations in Israel which led to the loss of about 23 jobs for the employees. The blockchain software company Consensys and crypto exchange Huobi used the same strategy.
P2P LocalBitcoins Trading Platform Restricts Services For Iranian Users
Fake Trezor Crypto Wallet Emerges On Google Play Store
“If bitcoin continues its growth trend, we can expect more cryptocurrency scam apps to emerge in the official Android app store and elsewhere.”As mentioned on other altcoin news, the users of the apps are urged to only trust a legitimate app with the company’s official website links and branding. They should also check for a regular update on their devices and ask around before entering sensitive information into any blank space. Also, they are urged not to complete online forms that come from apps that have a dubious background. The company behind the crypto wallet told the researchers that the fake app was not a threat to their users but they also made clear that the addresses that some of the users provided could be collected through the software and used for phishing attacks in the future. Google Play removed the app instantly from the marketplace. Last year, Trezor issued multiple warnings to users after scammers tried to make a counterfeit version of the wallet.
Binance CEO CZ Claims Sequoia Capital Hurt His Reputation
"I won, but the case was very damaging. First, Sequoia took out an injunction against me which prevented me from raising finance for Binance at the end of 2017 which was a critical time in the market and when there was huge interest in Binance from other VCs and investors."Zhao stated previously that he was unable to publicly defend himself because of the confidentiality of the arbitration. Also, Sequoia paid about $2.4 million in legal fees for their part and lost the case. Zhao on the other hand as the best cryptocurrency news report had to pay up to 779,043 for more than a year to cover his legal expenses. He stated:
"For most entrepreneurs, they will not be able to: front USD 779,000 to fight a lawsuit; secure additional funding for their startup given a pending lawsuit, even one that’s clearly without proper base and where the claimant will surely lose.’’Zhao concluded that there is a weakness in the legal system and unprofessional behavior by the VC giant. He noted that such companies should help entrepreneurs and startups. Luckily, there are many entrepreneurs today that offer better options such as blockchain based fundraising as he pointed out. Sequoia did not comment but as we know the company sued Zhao’s company over a funding deal. The court filings show that there was a negotiation on investment between CZ and Sequoia since August 2017 which should have given the VC giant 11$ stake of the company. Zhao denied these allegations at that time.
Binance Suffered Damaging Lag, Unintended Losses Occur
Join us on Facebook
- GlobalCoin By Social Media Giant Facebook To Roll Out By 2020
- Gold-Backed Crypto Will Settle Payments In Russia: RSB
- Trump Rival Presidential Candidate To Make US A Bitcoin Nation
- AT&T Telecom Giant Starts Accepting Bitcoin Payments For Your Phone Bills
- Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Bitcoin Whitepaper Copyright Registration Filed By Craig Wright
Analysis22 hours ago
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
Bitcoin News5 days ago
Mike Novogratz Suggests Bitcoin Will Leave Its Peers In The Dust
Bitcoin News3 days ago
Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
Altcoin News3 days ago
Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin
Regulation2 days ago
Central Bank Of Laos Warns Against Using Cryptocurrency
Blockchain News2 days ago
YouTuber PewDiePie Helps Blockchain Platform Grow Its User Base By 67%
Bitcoin News4 days ago
Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter