BitOasis, a cryptocurrency exchange located in the United Arab Emirates, stated on Sunday that it had let off nine staff as part of a cost-cutting initiative. Ola Doudin, the CEO of the Middle East-focused cryptocurrency exchange BitOasis, said, “Nine staff were let off earlier this week across offices in Dubai, Abu Dhabi, and Amman.”
The corporation reported that the job cuts constituted around 5 percent of its staff. BitOasis, which was founded in Dubai in 2015, has continued to serve English and Arabic speakers in the Gulf area.
BitOasis was recognised as a Virtual Asset Service Provider by the Financial Intelligence Unit of the UAE Central Bank in 2021. The Abu Dhabi Global Market is an international financial centre (IFC) situated in the capital city of the United Arab Emirates. By traded volume, the company is the top Virtual Asset Service Provider (VASP) in the UAE.
BitOasis acquired provisional authorisation from Dubai’s Virtual Assets Regulatory Authority to run its company in March of this year.
BitOasis is the latest company in the industry to announce major layoffs in response to the current economic crisis and market turbulence. In recent months, the labour market has been difficult, and crypto companies in particular have struggled to survive a winter marked by a precipitous price decline.
Inflation in the economy as a whole and staked Ethereum have led to the most recent meltdown, while loan platform Celsius Network has been implicated as the cause.
The Bitcoin price fell below $24,000 on Monday, June 13 of last week, a calamitous event that forced the cryptocurrency business Celsius to cease withdrawals and transfers. The difficulties faced by Celsius exacerbated the market’s deterioration after the failure of the $60 billion stablecoin venture Terra. Celsius was a Terra investor who was negatively impacted by the TerraUSD and Luna crashes.
Last week was marked by a precipitous decline in the price of cryptocurrencies and widespread selling of assets by investors out of panic.
The prices of prominent cryptocurrencies such as Bitcoin and Ethereum fell by more than 70 percent from their peaks. The whole value of the crypto market fell below $1 trillion, a precipitous decline from its peak estimate of almost $3 trillion. Several companies have reduced their payrolls as a result of the recent crypto market fall, while a few others are expanding their investments.
Coinbase said last week that it will be cutting off 18 percent of its workforce, or around 1,100 full-time workers. Numerous cryptocurrency companies, including BlockFi, Robinhood, Crypto.com, and others, have lately announced massive layoffs. Current layoffs foresee another protracted crypto market decline and result in fundamental adjustments. A recovery might take months or even years.