Crypto exchange BitOasis lays off employees amid turmoil in the market

Crypto exchange BitOasis lays off employees amid turmoil in the market

The cryptocurrency market has witnessed a sharp fall after the halts on transactions and withdrawals by one of the largest crypto lender Celsius Network. The halt is implemented due to the fears of wider fallout in the digital currency market which was already weakened by the demise of the Luna tokens and TerraUSD, in the previous month.

BitOasis, Middle East region’s largest cryptocurrency exchange for Bitcoin and plus 65 cryptocurrencies, has recently laid off nine of its staff, the latest company in the sector to sack employees due to the downturn and turmoil in the digital asset market.

The market has been hit by extreme volatility after the crypto lender Celsius Network halted all transactions and withdrawals last week as traders and investors dumped risky digital assets amid fears about aggressive US Federal Reserve interest rate hikes to bring the red-hot inflation down.

With this recent layoff, nine employees were sacked across offices in Dubai, Amman, and Abu Dhabi, BitOasis’ co-founder and CEO Ola Doudin stated in an email.

According to the spokesperson of the company, the employees that were laid off accumulated about 5% of the company's workforce.

BitOasis was established in Dubai in the year 2015 and serves Arabic and English speaking clients in the Gulf.

In 2021, BitOasis got permission to run a Multilateral Trading unit from the Abu Dhabi Global Market and is enlisted with the Financial Intelligence Unit of the United Arab Emirates central bank as a Virtual Asset Service Provider.

Another cryptocurrency exchange Coinbase Global Inc. also laid off nearly 1,000 employees which is approximately 10% of its workforce.

Furthermore, Crypto companies have been struggling to face the storm in the digital asset market. Several other companies, like Mercado Bitcoin, Bitso, and Gemini have also had to lay off at least 10% of their staff within the last month.

Source Credit: https://www.moneycontrol.com/news/business/cryptocurrency/middle-east-focused-crypto-firm-bitoasis-cuts-jobs-amid-sector-turmoil-8707851.html