Bullish.com, a cryptocurrency exchange, has joined other crypto firms in laying off employees to deal with the big market drop.
A source told The Block that less than 30 Bullish employees had been laid go. Bullish employs approximately 390 employees.
A corporate spokeswoman, on the other hand, acknowledged that “Bullish continues to actively hire for products, engineering, and other strategic roles as we continue to expand our business strategy.”
Bullish was founded as a subsidiary of Block.one, the software business underlying the EOSIO blockchain platform, last year. Block.one and other investors put up the first $10 billion.
The Cayman Islands-based firm is governed by the Gibraltar Financial Services Commission. The cryptocurrency company has hired staff all across the world, including a strong presence in Hong Kong.
Bullish's latest move follows in the footsteps of other cryptocurrency companies that have slashed staff owing to a market downturn. Coinbase, Gemini, BitMEX, OSL, and Abra have all recently reduced their workforces.
According to The Block, crypto trading and lending firm Abra laid off a dozen employees last week. Abra CEO Bill Barhydt confirmed the layoffs to The Block, stating that the company removed 12 jobs “purely as a cost-cutting strategy,” amounting to about 5% of the overall workforce.
According to Blockchain.News, the Bybit trading platform announced plans to let off employees in June in order to reorganize their operations in the midst of the ongoing crypto market decline.
The platform's Chief Executive Officer, Ben Zhou, announced the latest layoff in an internal letter shared with workers.
Zhou stressed the need for downsizing in the letter, citing the fact that some employees are no longer needed in light of the dire economic reality. According to Zhou, the company's employment has increased by more than 300 percent since early 2020.
While Coinbase CEO Brian Armstrong revealed that roughly 18% of Coinbase Global Inc's personnel will be laid off as the cryptocurrency trading platform prepares for the now-obvious crypto winter.
While Armstrong cited over-hiring as one of the reasons for the explosive growth following the Nasdaq-listed American cryptocurrency trading platform's expansion in early 2021, it also noted that the reality of the economic outlook is not encouraging, and the business must survive if the recession lasts much longer. Armstrong stated that the layoffs are intended to reduce expenses and boost overall efficiency.
According to Blockchain.News, cryptocurrency exchange Gemini laid off up to 10% of its whole workforce in June.
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