Rain Financial, one of its largest cryptocurrency exchanges? The Middle East has fired dozens of workers amid the recent crisis that has devalued digital currency-related assets, according to Bloomberg News sources familiar with the matter.
The company announced its decision to staff within the week, the same sources said. The move will have an impact on various parts of the company, they noted.
“As cryptocurrencies and markets around the world continue to decline or slow down, this situation is affecting businesses around the world,” said Joseph Dallago, co-founder and CEO of the company, in a statement. “We had to make tough decisions to navigate this period of uncertainty and we can confirm that we have reduced Rain’s workforce.”
Cryptocurrency prices have fallen in 2022 from record lows in early November 2021. Job cuts in Rain come as the Gemini Trust, a company owned by billionaire Cameron brothers and Tyler Winklevoss , cut its staff by 10%.
Rain is supported by Silicon Valley venture capital company Kleiner Perkins and Coinbase Ventures. In the final round of fundraising, its market capitalization was estimated at $ 500 million, with the company saying it would capitalize mainly in the Middle East and Africa and double its workforce to 800 employees.
Source: Capital
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