As the bear market spreads, more cryptocurrency exchanges are joining the wave of mass layoffs, even though some analysts suggest that the bottom might be in.
On June 19, BitOasis, a cryptocurrency exchange located in the United Arab Emirates, which has been serving the Middle East since 2015, announced the layoff of 5% of its workers in light of a “recession and market turmoil.”
According to a Reuters report, Ola Doudin, CEO and co-founder of BitOasis, said that the exchange announced the layoffs at three offices run by the company in Dubai and Jordan.
He further indicated that the company was “growing too fast” and was “too comfortable” when the crypto market was booming. The team did not anticipate a drop of such magnitude as the one happening now, which is worrying most exchanges.
On the other hand, a company spokesperson said that the nine laid-off workers represent almost 5% of the company’s workforce, which could be very small compared to other exchanges.
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