Bullish.com is laying off employees in the midst of the market downturn
Cryptocurrency exchange Bullish.com has joined other crypto companies to make layoffs to cope with the massive market downturn.
According to The Block, a source said that less than 30 employees of Bullish have been laid off. Bullish has employed around 390 people.
However, a spokesman for the company confirmed that “Bullish continues to actively engage in products, engineers and other strategic roles as we continue to develop our business strategy.”
Bullish was launched last year as a subsidiary of Block.one – the software company behind the EOSIO blockchain protocol. Block.one and other investors initially provided $ 10 billion in financing.
The company is based in the Cayman Islands and regulated by the Gibraltar Financial Services Commission. The crypto company has hired employees all over the world, with a large presence in Hong Kong.
Bullish’s latest move follows only other crypto companies in cutting jobs due to a downturn in the market. Recently, Coinbase, Gemini, BitMEXOSL and Abra have all cut the workforce.
The Block reported that the crypto-trading and lending platform Abra has cut a dozen jobs last week. Abra boss Bill Barhydt confirmed the layoffs to The Block, saying the company had cut 12 jobs “purely as a cost-saving measure”, accounting for around 5% of the total workforce.
According to a report from Blockchain.News, Bybit trading platform revealed plans in June to lay off employees in an attempt to relocate their businesses in the midst of the ongoing downturn in the crypto market.
The latest layoff of Bybit was unveiled through an internal letter shared with employees of the platform’s CEO, Ben Zhou.
In the letter, Zhou stressed the need to downsize, given that some of the employees are not needed in the wake of the frightening economic realities. Zhou said the company’s workforce grew from a few hundred in early 2020 to more than 300% by this time.
While Coinbase CEO Brian Armstrong announced that approximately 18% of Coinbase Global Inc’s entire workforce will be laid off as the cryptocurrency trading platform plans to navigate the now clear crypto winter.
While Armstrong cited oversupply in the wake of the Nasdaq-listed US cryptocurrency trading platform’s expansion in early 2021 as one of the reasons for the explosive growth, it noted that the reality of the economic outlook is not encouraging and that the business must survive in the event of a recession. . Armstrong said laying off employees is cutting costs and increasing efficiency across the board.
Blockchain.News also reported that in June, the cryptocurrency exchange Gemini dropped as many as 10% of all workers.
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