BitOasis, a cryptocurrency exchange company, has laid off nine staff in response to the present market circumstances.
BitOasis, a cryptocurrency trading platform, joined the mass layoffs by dismissing 9 workers, or 5 percent of its workforce.
Ola Doudin, the CEO of BitOasis, emailed his team and stated: “Nine staff were let off earlier this week from offices in Dubai, Abu Dhabi, and Amman,”
In 2015, BitOasis was founded in Dubai. In 2021, the platform received a licence as a virtual asset service provider in an effort to dominate the area. Since the beginning of June, a blazing trend has swept rapidly across the crypto industry.
The majority of big platforms cited current market circumstances as justification for personnel reductions and layoffs.
The exchange platform Gemini was the first to lay off employees. A few days later, Coinbase followed Gemini’s lead by terminating new hires and decreasing its employment by 10 percent.
BlockFi, Cyrpto.com, Robinhood, Bitso, and Bitmex have all laid off up to 25 percent of their employees to safeguard themselves from the present market conditions.
In the meanwhile, the lending sites Celsius and Babel Finance halted all withdrawals and transfers, adding to the panic in the cryptocurrency market. According to reports, the prominent cryptocurrency investment firm Three Arrows Capital is exploring a rescue.
Binance and Ripple are the two significant crypto firms now in a position to employ. The Financial Industry Regulatory Authority (FINRA) is also searching for crypto-savvy candidates.
The future of the cryptocurrency market
Experts feel that the bear market has arrived and that the downward trend will continue for some time, but they do not believe that this is sufficient to terminate cryptocurrency. In fact, they maintain that the present bear market is a positive development.
Numerous crypto CEOs concur that currencies and blockchains that lack real-world use will not survive the present market. At the conclusion of the bear cycle, the crypto sector will be decluttered, making way for the expansion of really revolutionary businesses.
The majority of famous investors are quite positive about Bitcoin. According to studies, Bitcoin acceptance is in its infancy and will see exponential growth in the near future. On the other hand, experts and investors concur that Bitcoin will soon grow to $100,000.
Also Read: Celsius Reimburses Compound $10M DAI
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