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.”
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.
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.)