BitOasis, a cryptocurrency exchange, has cut 5% of its workforce due to the recession and market volatility

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As a result of the severe market conditions and the economic crisis, the cryptocurrency exchange BitOasis is the most recent to declare a staff shortage.

More cryptocurrency exchanges are joining the wave of mass layoffs as the bear market continues, despite some analysts predicting that the bottom is in.

In the wake of a “recession and market volatility,” BitOasis, a cryptocurrency exchange based in the United Arab Emirates that has been serving the Middle East since 2015, announced the layoff of 5% of its employees on June 19.

According to a Reuters article, BitOasis CEO and co-founder Ola Doudin stated the exchange announced layoffs at three of the company’s offices in Dubai and Jordan.

He also stated that the corporation was expanding too quickly and too comfortable when the cryptocurrency market was surging. The team did not anticipate a decline of this magnitude, causing concern on most exchanges.

On the other hand, a corporate representative stated that the nine laid-off employees constitute nearly 5% of the company’s employment, which may be insignificant compared to other stock exchanges.

Cryptocurrency exchanges continue to hire fewer people

Although some exchanges, such as Binance and Kraken, have announced that they are actively employing new employees, the number of exchanges laying off employees is significantly larger.

Today, a major portion of the staff at Bybit, a cryptocurrency exchange based in Singapore, had been laid off. In an interview, one of its spokespersons verified this. However, the specific number of workers affected by the decision has not been disclosed.

According to Colin Wu’s sources, the layoffs might range from 20 percent to 50 percent of the company’s 2000 employees.

If true, this could be the largest layoff wave in the history of the cryptocurrency sector.

Other businesses may be able to take on the workers who have been laid off

The layoffs at cryptocurrency exchanges aren’t all bad news, as the Financial Industry Regulatory Authority (FINRA) recently showed interest in recruiting them to increase its workforce and provide better services to its members.

Furthermore, it should be remembered that the crypto business is still developing and that even if the crypto market is in full bearish mode, once the crypto winter is over, large-scale recruiting will begin to resume —if history is any guide. As a result, crypto employees may not be out of a job.

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