The BitOasis exchange cuts 5% of its workforce due to recession and market conditions, becoming the last one to report a staff shortage after many others already did it so let’s read more today in our latest cryptocurrency news.
As the bear market spreads, most exchanges will join the wave of massive layoffs and some analysts even suggested the bottom is in. Bitoasis is located in the United Arab Emirates and has been serving the Middle East since 2015. Today, the Bitoasis exchange announced a staff reduction of 5% in light of the recession and market turmoil. According to the reports, Ola Doudin who is the CEO and co-founder of bitOasis said the exchange announced the reduction in the workforce of three offices in Jordan and Dubai.
He further noted that the company is growing too fast and was too comfortable when the market was booming. The team didn’t anticipate a drop of this magnitude as the one happening now which is a huge issue for most exchanges. A company’s spokesperson said that the laid-off workers represent 5% of the company’s workforce which can be quite small compared to other exchanges. Some exchanges like Kraken or Binance are reported to be hiring new workers but the number of exchanges that are cutting their staff is higher.
Today, Bybit also announced it to be cutting off a chunk of its workforce whcih was confirmed by a spokesperson in an interview. However, the number of workers affected by the decision hasn’t been revealed. According to Wu Colin’s sources, the layoff figures could be high as 20% to 50% or up to 2000 workers. According to sources, the proportion of the layoffs is expected to be 20% to 30% with some partial layoffs reaching 50% while ByBit grew from hundreds to over 2000 in 2 years.
However, it’s not all bad news for the laid-off workers of crypto exchanges and recently, the Financial Industry Regulatory Authority announced its interest in hiring the laid-off workers and expanding the workforce, and offering even better services for its members. It should also be noted that the industry is growing and that even if the crypto market is in a bearish mode, once the crypto winter is done, hirings by large companies will come back.
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