UAE-based cryptocurrency trading platform BitOasis has made nine people redundant last week, the company confirmed, following earlier downsizing moves from the industry’s biggest players.
“Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi and Amman,” the company’s CEO and founder Ola Doudin confirmed to Arabian Business on Monday.
The move happens on the back of extreme volatility in the crypto market where major digital coins, including Bitcoin, were hit by a shop drop in valuation.
BitOasis, which has played a key role in early regulation talks in the UAE, was the latest in the list of companies laying off employees amid the market turmoil. Popular platforms such as Coinbase, BlockFi, and Cypto.com earlier cut up to 20 percent of their workforce.
Many factors contributed to the “crypto winter,” but the volatility was generally triggered by broader economic outlook – with inflation rising and the US Federal Reserve raising interest rates.
Other crypto platforms, however, seemed to be taking a different approach to their workforce – including Binance and Kraken, both of which recently laid out plans to hire more people in the coming months.
Changpeng Zhao, CEO of the world’s biggest crypto exchange Binance, said last week his firm has opened 2,000 roles. He said the current crypto cycle is a good time to invest in talent.
“It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for Binance,” he said in a Tweet, after saying his company has a “very healthy war chest.”
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