Crypto exchange platform BitOasis joined in the firing spree and let go of 9 employees, representing 5% of its staff.
BitOasis’s CEO Ola Doudin e-mailed his staff and said:
“Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi and Amman.”
BitOasis was established in Dubai in 2015. Aspiring to dominate the region, the platform obtained a license to act as a virtual asset service provider in 2021.
A firing trend has been spreading fast in the crypto space since the beginning of June.
Most major platforms showed the current negative market conditions as a reason to downsize and let go of a portion of their staff.
Exchange platform Gemini was the first one to let go of its staff. Coinbase followed Gemini a few days after first by un-hiring new recruits and reducing its headcount by 10% a few days later.
Companies like BlockFi, Cyrpto.com, Robinhood, Bitso, and Bitmex joined in the firing trend by firing up to 25% of their staff to protect themselves from the current adverse market.
In the meantime, lending platforms Celsius and Babel Finance paused all withdrawals and transfers, contributing further to the fear in the crypto space. It has also been reported that major crypto investing company Three Arrows Capital is considering a bailout.
Currently, the only major crypto companies that are doing well enough to hire are Binance and Ripple. The Financial Industry Regulatory Authority (FINRA) is also looking to hire individuals with crypto expertise.
The future of the crypto space
Experts believe the bear market is here, and things will continue in a downtrend for a while, but they do not think that this is enough to end crypto. In fact, they argue that the current bear market is a good thing.
Many crypto executives agree that coins and blockchains that don’t offer real value won’t survive the current market. At the end of the bear cycle, the crypto space will be decluttered and leave room for real disruptive projects to expand.
Most prominent investors are very optimistic in the case of Bitcoin. Studies show that Bitcoin adoption is at its earlier stages today and will enter an exponential growth phase in the near future. Experts and investors, on the other hand, agree that Bitcoin will show an imminent increase up to $100k.