BitOasis CEO Ola Doudin said nine staff were laid off in Dubai, Abu Dhabi, and Amman.
The corporation reduced around 5% of its personnel.
BitOasis, founded in Dubai in 2015, serves English and Arabic-speaking Gulf consumers. In 2021, the UAE Central Bank’s Financial Intelligence Unit accepted BitOasis to run a Multilateral Trading Facility at the Abu Dhabi Global Market, the country’s capital. BitOasis was also registered as a Virtual Asset Service Provider. The company is the UAE’s leading VASP by traded volume.Dubai’s Virtual Assets Regulatory Authority gave BitOasis temporary authorisation to operate in March.
BitOasis announced large layoffs given the continued downturn and market volatility. In recent months, the labor market has been difficult, especially for crypto businesses as values plummeted.
Inflation and staked Ethereum contributed to the recent fall, but Celsius Network caused it.
Last week, Bitcoin fell below $24,000, prompting crypto company Celsius to cease withdrawals and transactions. Celsius’ problems added to market misery after the bankruptcy of $60 billion stablecoin Terra. Celsius invested in Terra and was damaged by its crash.
Last week, crypto values plummeted, causing investors to sell in droves.
Bitcoin and Ethereum fell nearly 70% from their peaks. Total crypto market valuation fell below $1 trillion, down from around $3 trillion at its high.
Several organizations have cut payrolls due to the recent crypto meltdown, while others are raising investments.
Coinbase laid off 18% of its workers last week, or 1,100 full-time employees. BlockFi, Robinhood, Crypto.com, and others have announced layoffs.
Current job layoffs foresee another crypto slump and fundamental adjustments. Rebounding may take months or years.
