Bitmain Closes Israel Development Arm Citing Crypto Bear Market

Cryptocurrency mining giant Bitmain is closing down its Israel-based research and development arm.

From financial news source Globes, Bitmaintech Israel, the firm's R&D center in the city of Ra'anana, is being shuttered due to the general downturn in the crypto markets.

All 23 employees, including Bitmain's vice president for sales and marketing Gadi Glikberg - who led the Israeli project - have been laid off.

"The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation," Glikberg reportedly told local employees.

BitmainTech Israel was launched back in 2016, and went on to launch.

Bitmain's ConnectBTC mining pool in April 2017.

CoinDesk reached out to Bitmain for comment on the closure, but had not received a reply by press time.

The extended bear market for cryptocurrencies has led to layoffs at other firms too.

Just last week, ConsenSys, the ethereum production studio, axed.

Last month, blockchain startup Steemit laid off.