Crypto-lending platform saves 150 employees amid worst crash

Crypto-lending platform saves 150 employees amid worst crash

Advertising

Crypto lending platform Celsius has laid off 150 employees, a quarter of its workforce, as the global crypto market faces its worst crisis.

Last month, the platform suspended all withdrawals, citing “extreme market conditions.”

Advertising

According to the Israeli “Calcalist” website, the company has now fired about 150 of its employees.

“We are focused and working as quickly as possible on monetary stability and operations, so we can share more information with the community,” Celsius wrote in a blog post.

He added, “We keep the entire community and all customers in mind as we face these challenging times.”

Celsius raised $750 million in funding late last year, reaching $3 billion in funding.

The American-Israeli company has processed $8.2 billion in loans and had $11.8 billion in assets as of May this year.

Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposit withdrawals and loyalty bonuses, as leading hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the US, where Voyager has made significant investments.

The development comes as popular cryptocurrencies such as Bitcoin and Ethereum are down nearly 70% from all-time highs amid the economic crisis.

Last month, cryptocurrency exchange Fold decided to cut its workforce by about 30%.

Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global cryptocurrency exchanges such as Coinbase, Gemini, Crypto.com and others have announced their downsizing.

– Jans

na / ksk /

(The title and image of this report may have been edited only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

Dear Reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has reinforced our resolve and commitment to these ideals. Even in these challenging times arising from Covid-19, we remain committed to keeping you updated with reliable news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we fight the economic impact of the pandemic, we need your support even more so we can continue to bring you more great content. Our subscription form has received an encouraging response from many of you who have subscribed to our online content. Further subscribing to our online content can only help us achieve our goals of providing you with better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital editor

Leave a Comment

Your email address will not be published. Required fields are marked *