Rain Financial , one of the largest cryptocurrency exchanges in the Middle East, has laid off dozens of its employees amid a recent crisis that has depreciated the value of assets linked to digital currencies, according to Bloomberg sources with knowledge of the matter.
The company communicated its decision to staff within the week, the sources said. The move will have an impact on various parts of the company, they noted.
“As cryptocurrencies and markets worldwide continue to decline or slow down, this situation is affecting businesses around the world,” the company’s co-founder and CEO Joseph Dallago highlights in a statement. “We have had to make tough decisions to navigate through this period of uncertainty and we can confirm that we have reduced Rain’s workforce.”
Cryptocurrency prices have retreated in 2022 from the historic highs they touched in early November 2021. The job cuts at Rain come as Gemini Trust, an industry company owned by billionaire brothers Cameron and Tyler Winklevoss, cut its staff by 10%.
Rain is backed by Silicon Valley venture capital firm Kleiner Perkins and Coinbase Ventures. In its latest fundraising round, its capitalization was estimated at $500 million, with the company saying it would deploy the funds primarily in the Middle East and Africa and double its workforce to 800 employees.
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