Middle East cryptocurrency exchange “BitOasis” is laying off 5% of its employees…Details here

Middle East cryptocurrency exchange “BitOasis” is laying off 5% of its employees…Details here

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Answer Middle East cryptocurrency exchange “BitOasis” is laying off 5% of its employees…Details here

After the massive drop in the price of Bitcoin and its temporary descent under the $20,000 level, many crypto companies have entered into a wave of mass layoffs of their employees.

On June 19, BitOasis, a UAE-based cryptocurrency exchange that has been serving the Middle East since 2015, announced laying off 5% of its workers in light of the current recession and market turmoil.

According to the report ReutersOla Doudin, CEO and co-founder of BitOasis, said that the company announced layoffs in three offices operated by the company in Dubai and Jordan.

She further noted that the company was growing very quickly and was in a very comfortable position when the cryptocurrency market was booming.

Read:Arca Investment Company announces a Bitcoin investment fund to rival Grayscale

But the company’s team didn’t expect a drop as big as what’s happening now, which worries most crypto companies.

On the other hand, a company spokesperson said that the nine laid-off workers represent roughly 5% of the company’s workforce, which can be quite small compared to other crypto companies.

Big crypto companies seize the opportunity:

With many crypto companies laying off their employees, crypto companies are seeking to hire new employees, such as Binance and Kraken.

In the last 24 hours, reports emerged that Bybit has also laid off a large number of its employees, with layoffs and figures reaching between 20% and 50% of its approximately 2,000 employees.

The numbers are yet to be officially confirmed, and if confirmed, this would be the largest layoff spree in the entire crypto industry to date.

It is worth noting that the cryptocurrency industry is still growing and even if the crypto market is in a complete bearish mode, once the crypto winter is over, hiring will start again.

Read:Trading platform hacks will be much more difficult than before due to the new Binance initiative

So this may not be the end for those working in the cryptocurrency world.

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