Bullish joins rival crypto exchanges in cutting the workforce: Report

Peter Thiel-backed cryptocurrency exchange Bullish is another company that handles pressure stemming from the cryptocurrency market’s liquidity drought.

The Gibraltar-registered company has laid off more than 30 employees, The Block reported on Tuesday, citing a source familiar with the matter. It employs more than 395 people, according to the website, which means that redundancies represent a 7% cut in the workforce.

A spokesman for the company confirmed the job cuts, according to the report, adding that Bullish continues to hire for product, engineering and other strategic roles.

The downturn in the cryptocurrency markets has led a number of companies to cut spending or lay off employees, including Coinbase, BlockFi, Crypto.com, Vauld, Gemini and Ignite. Some commentators expect that market volatility and subsequent economic challenges will continue in the foreseeable future.

“I think there’s probably some meaningful pain in the short term,” Noah Hamman, CEO of AdvisorShares, told Blockworks in an interview. “We think it will work out, but some companies will not succeed. But then we feel that it is almost like a refreshment… a little cleansing, »he added.

Bullish, a unit of the blockchain software company Block.one, has offices in Hong Kong, New York, Washington DC, Virginia, Singapore, Gibraltar and the Cayman Islands.

Launched in 2021 with $ 10 billion in funding, the exchange was originally intended to serve only institutional investors. However, it later expanded services, including automated market making, lending and portfolio management to retail users. Supporters include Peter Thiels Thiel Capital and Founders Fund, UK hedge fund manager Alan Howard, Galaxy Digital and Japanese investment bank Nomura.

In July last year, Bullish said it planned to be listed on the stock exchange through a merger with Far Peak Acquisition Corporation, a specialty acquisition company (SPAC). That deal has not yet been finalized, and the notice period was recently extended to December 31, 2022. Bullish said they paid Far Peak an $ 2.5 million extension fee and expect the deal to end in the third quarter of this year.

If the agreement goes through as intended, Bullish will become a listed company and trade on the New York Stock Exchange.

Bullish did not immediately return Blockworks’ request for comment.

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