Crypto lending platform Celsius lays off 150 staff

New Delhi: Cryptocurrency lending platform Celsius has laid off 150 staff which is 1 / 4 of its workforce, as the worldwide crypto market goes by means of its worst meltdown.

The platform final month paused all withdrawals citing “excessive market circumstances”.

In line with Israeli media outlet Calcalist, it has now sacked round 150 of its staff.

“We’re targeted and dealing as shortly as we are able to to stabilise liquidity and operations, with a view to be positioned to share extra info with the group,” Celsius wrote in a blogpost.

“We’re working with the complete group and all purchasers in thoughts as we work by means of these difficult occasions,” it added.

Celsius raised $750 million in funding late final yr, reaching a valuation of $3 billion.

The American-Israeli firm had processed $8.2 billion price of loans and had $11.8 billion in belongings by Might this yr.

Earlier this month, cryptocurrency dealer Voyager Digital suspended all buying and selling, deposits withdrawals and loyalty rewards, as high crypto hedge fund Three Arrows Capital (3AC) filed for chapter within the US, wherein Voyager has made important investments.

The event comes as standard crypto tokens similar to Bitcoin and Ethereum nosedived by practically 70 per cent from their report highs amid the financial meltdown.

Final month, cryptocurrency trade Vauld determined to scale back its headcount by about 30 per cent.

Singapore-based cryptocurrency trade Bybit has laid off 2,000 staff whereas international crypto exchanges and companies together with Coinbase, Gemini, and others introduced to downsize their workforce.

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Written by VK Team

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