The firm said that the job cuts were made to reflect the “operational needs and market conditions," though the firm didn’t provide the number of people made redundant.
“As a business we have had to adapt our future plans given these difficult market conditions to ensure we can navigate through this downturn," Rain Financial said.
Rain Financial is not the only firm to have reduced its staff. Several crypto firm have laid off their staff citing a downturn in crypto market.
According to Moneyweb, about 5,000 crypto employees have lost their jobs since April. San Francisco-based Coinbase made the biggest job cuts in the crypto market in 2022, shows data from Layoffs.fyi. In June, the firm announced it was laying off 1,100 people.
Following the footprints, the Singapore-based crypto exchange Bybit cut its staff and laid off a whopping 30% of its 2 000 people workforce, reported Crypto Presales.
Even before the crypto market crash, the crypto exchange Huobi Global laid off around 300...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...