The crypto-lending platform Celsius is laying off 150 employees in the midst of the worst collapse

The cryptocurrency lending platform Celsius has laid off 150 employees, which is a quarter of the workforce, as the global crypto market goes through its worst merger.

Last month, the platform stopped all withdrawals with reference to “extreme market conditions”.

According to Israeli media Calcalist, it has now fired around 150 of its employees.

“We are focused and working as fast as we can to stabilize liquidity and operations, to be positioned to share more information with society,” Celsius wrote in a blog post.

“We operate with the whole community and all customers in mind as we work through these challenging times,” he added.

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

The US-Israeli company had processed loans worth $ 8.2 billion and had $ 11.8 billion in assets by May this year.

Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposits and loyalty rewards when the top crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the United States, where Voyager has made significant investments.

The development comes as popular crypto tokens such as Bitcoin and Ethereum have fallen by almost 70 percent from the record highs in the middle of the economic breakdown.

Last month, the cryptocurrency exchange Vauld decided to reduce the number of employees by around 30 percent.

The Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and companies including Coinbase, Gemini, Crypto.com and others announced to reduce the workforce.

–IANS

na / ksk /

(Only the headline and image of this report may have been reworked by Business Standard employees; the rest of the content is automatically generated from a syndicated feed.)

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