BitOasis, a cryptocurrency trading platform, has joined the firing frenzy, laying off nine employees, or about 5% of its workforce.
Ola Doudin, the CEO of BitOasis, emailed his employees, saying:
“Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi and Amman.”
In 2015, BitOasis opened its doors in Dubai. In order to gain a foothold in the region, the platform secured a license to supply virtual asset services in 2021.
Since the beginning of June, there has been a rapid spread of a firing trend in the crypto market.
The current bad market conditions prompted most large platforms to shrink and lay off a percentage of its workforce.
Gemini, an exchange platform, was the first to lay off employees. Coinbase followed Gemini a few days later by terminating new hires and slashing its workforce by 10%.
BlockFi, Cyrpto.com, Robinhood, Bitso, and Bitmex followed the firing trend, laying off up to 25% of their employees to shield themselves from the current market downturn.
Meanwhile, loan sites Celsius and Babel Finance have halted all withdrawals and transfers, adding to the panic in the crypto world. Three Arrows Capital, a large crypto investment firm, is also reportedly mulling a bailout.
Binance and Ripple are now the only large crypto firms that are profitable enough to hire. FINRA, the Financial Industry Regulatory Authority, is also on the lookout for crypto experts.