As the bear market spreads, more cryptocurrency exchanges are joining the wave of mass layoffs, even though some analysts are suggesting a bottom may be on the way.
On June 19, BitOasis, a UAE-based cryptocurrency exchange that has been serving the Middle East since 2015, announced a layoff of 5% of its workforce in light of the “recession and market turmoil”.
According to a Reuters report, BitOasis CEO and co-founder Ola Doudin said that the exchange has announced layoffs at three offices the company operates in Dubai and Jordan.
He further indicated that the company was “growing very fast” and “very comfortable” when the crypto market was booming. The team did not anticipate such a drop as is happening now, which is a matter of concern for most exchanges.
A company spokesperson, on the other hand, said the nine laid-off employees represent about 5% of the company’s workforce, which may be much smaller compared to other exchanges.
Cryptocurrency exchanges keep shortening their staff
Although some exchanges such as Binance or Kraken are currently reporting hiring new employees, the number of exchanges cutting their staff is very high.
Today, Cryptopotato reported the layoffs of a significant portion of personnel working at Bybit, a cryptocurrency exchange based in Singapore. This was confirmed by one of its spokesperson in an interview. However, the exact number of workers affected by the decision was not disclosed.
According to Colin Wu’s sources, the layoff figures could range from 20% to 50% of its workforce of about 2000 employees.
According to sources, the layoff ratio is expected to be 20% to 30%, with some partial layoffs going as high as 50%. Bybit has grown from hundreds to over 2000 in 2 years.
— Wu Blockchain (@WuBlockchain) 20 June 2022
If true, this could be the biggest layoff ever in the entire crypto industry.
Other companies may absorb fired workers.
As reported by CryptoPotato, this is not bad news for employees of all cryptocurrency exchanges, as recently, the Financial Industry Regulatory Authority (FINRA) laid off employees determined to expand their workforce and offer better Declare your interest in hiring. Services for its members.
Furthermore, it should be noted that the crypto industry is still growing and even if the crypto market as a whole is bearish, once the cryptocurrency is over, the hiring by large companies will start to come back-if. History repeats itself. So this may not be the end for workers in the crypto world.
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