Friday, March 29, 2024
HomeBTCUAE crypto exchange Rain Financial fires undisclosed number of employees amid crypto...

UAE crypto exchange Rain Financial fires undisclosed number of employees amid crypto bloodbath

On June 4, Rain Financial Inc, based in Bahrain, has announced the layoff of more than a dozen staff as crypto markets remain bearish, with Bitcoin down more than 55% from it’s all-time high in November.

According to Bloomberg, “As cryptocurrencies and global markets continue to stall, this has affected companies throughout the world,” Co-founder and CEO Joseph Dallago said in a statement. “We had to make difficult choices in order to manage this moment of uncertainty, and we can confirm that we have decreased our Rain personnel.”

Rain is supported by Kleiner Perkins and Coinbase Ventures, two Silicon Valley startup capital firms.

Crypto markets, which are known for their volatility, have tumbled, with Bitcoin down almost 20% and Ethereum down nearly 33% as of Thursday afternoon, according to Coinbase.

On the same day, employees at Gemini Trust Co., which is managed by brothers Cameron and Tyler Winklevoss, were informed that the firm would be laying off 10% of its personnel.

According to a memo to employees received by Bloomberg, Coinbase Global Inc. said today that it will prolong a hiring freeze for new and existing roles for the “foreseeable future.”

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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