Crypto Exchange BitOasis Cut-off 5% of Workforce?

Crypto Exchange BitOasis Cut-off 5% of Workforce?
  • BitOasis stated nine laid-off reflect nearly 5% of the company’s employment.
  • Bybit joined the list by reducing its staff by 20% to 30%.

On 19 June, Dubai-based cryptocurrency exchange BitOsasis the company, which has been serving the Middle East since 2015, announced the layoffs of 5% of its employees in the aftermath of a “crisis and market volatility”.

BitOasis layoff

BitOasis CEO and co-founder Ola Doudin stated that the exchange announced layoffs at three of its locations in Dubai and Jordan. The Bear market trend made many crypto exchanges are entering to the flow of mass layoffs.

He also stated that the firm was expanding too quickly and too comfortable at a time when the cryptocurrency market was surging. The team did not anticipate a decline of this magnitude, which is causing concern on most exchanges.

An exchange representative, on the other hand, stated that the nine laid-off employees reflect nearly 5% of the company’s employment, which may be insignificant in comparison to other stock exchanges.

Coinbase American-based cryptocurrency exchange announced last week that it was cutting more than 1,000 fellows jobs or 18% of its worldwide workforce. And Singapore-based crypto exchange Bybit joined the list by reducing its staff by 20% to 30%. 

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.