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Bitmain closes Israel Development Arm citing crypto bear market

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Bitman which is a crypto currency mining giant will soon be closing down its research and development arm which is Israel based.

Globes, which is a financial news source released a report which stated that the research and development center of the Bitmaintech Israel which is situated Ra’anana, a city in Israel will be shuttered as per the decision of the firm because of the general downturn in the market of crypto-currency.

All the employees of the Bitmaintech Israel, which were total 23 in number inclusive of Gadi Glikberg who is the Vice President for sales and marketing sector of the project of Israel will be laid off because of the closing down there.

Source: Altcointoday

According to CoinDesk, only a few months back, the firm has been planning to hire about 40 more people for the role of research, engineering as well as marketing.

Reporting to the local employees, Glikberg stated that because of the shake-up which the crypto market has experienced in the past few months, which has urged Bitmain to examine the activities of its organization all around the world and then focus the business according to the current situation.

Launched in 2016, BitmainTech Israel went ahead so as to launch Connect BTC of Bitmain in the April of 2017 which is a mining pool.

For the Sophon project of the company, this unit of the firm went ahead to develop the blockchain technology along with artificial intelligence.

Source: i-invdn-com.akamaized

The other firms have also done lay off because of the extended bear market of the crypto-currencies. Last week, the ethereum production studio, ConsenSys laid off 13 employees. This was in the wake of the resetting of the priorities by the firm.

About 70 percent of the employees of the the start-up Steemit were laid off last month.

Source: CoinDesk, Investing

Ketakee Srivastava
I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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