Middle Eastern crypto exchange Rain is also facing layoffs
According to Bloomberg, Coinbase-backed Rain Financial, a major crypto exchange located in Bahrain, has laid off dozens of employees.
Rain lays off dozens of employees
Rain Financial Inc., according to people familiar with the matter, has laid off dozens of its staff amid the current market downturn. This decision, revealed by management last week, would affect employees from many departments."We have had to make tough decisions to be able to navigate through this period of uncertainty, and we can confirm we have downsized our Rain workforce," Rain CEO Joseph Dallago said in a statement provided to Bloomberg.In a funding round led by Paradigm and Kleiner Perkins, the crypto exchange secured $110 million in Series B funding in January. According to LinkedIn data, the exchange employs between 501 and 1,000 people, whereas Crunchbase puts the range between 251 and 500.
Crypto exchanges have taken a beating
The decision comes after the crypto exchange and custodian Gemini said on Thursday that it is cutting off around 10% of its employees because it expects the market will continue gloomy. Coinbase, on the other hand, has announced it will put its hiring on hold as it has now decided to adopt "more stringent measures."Because of the recent market downturn, crypto exchanges have suffered losses as fewer people trade crypto, cutting volume and revenues. Coinbase CEO Brian Armstrong was present at the firm's earnings call, wherein he revealed that the exchange had suffered its first net loss as a public company of $430 million for the first quarter of 2022.
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