Cryptographic exchange platform BitOasis participates in firing, Let go Of the nine employees, this is 5% of the staff.
Ola Doudin, CEO of BitOasis, sent an email to the staff saying:
“Earlier this week, nine employees were redundant across our offices in Dubai, Abu Dhabi and Amman.”
BitOasis was founded in Dubai in 2015. Aiming to dominate the region, the platform was licensed in 2021 to act as a virtual asset service provider.
Ignition tendency
Since the beginning of June, the tendency to fire has spread rapidly in crypto space.
Most major platforms have shown current negative market conditions as a reason to shrink and let go of some of their staff.
The Exchange platform Gemini was the first platform to let go of its staff. Following Gemini in the first few days, Coinbase has dropped new hires and reduced its workforce by 10% a few days later.
Companies such as BlockFi, Cyrpto.com, Robinhood, Bitso and Bitmex have joined the severance trend by dismissing up to 25% of their staff to protect themselves from today’s unfavorable markets.
Meanwhile, lending platforms Celsius and Babel Finance have suspended all withdrawals and transfers, further contributing to the horror of crypto space. It has also been reported that a major crypto investment company, Three Arrows Capital, is considering a bailout.
Currently, Binance and Ripple are the only major crypto companies that are doing well enough to hire. The Financial Industry Regulatory Authority (FINRA) is also considering hiring individuals with cryptographic expertise.
The future of crypto space
Experts believe that the bear market is here and things will continue to decline for some time, but I don’t think this is enough to end cryptocurrencies. In fact, they claim that the current bear market is good.
Many cryptocurrency executives agree that coins and blockchains that do not provide true value will not survive in the current market. At the end of the bear cycle, the crypto space is tidied up, leaving room for real destructive projects to expand.
For Bitcoin, the most prominent investors are very optimistic. Studies show that Bitcoin adoption is in its early stages today and will enter an exponential growth stage in the near future. Meanwhile, experts and investors agree that Bitcoin will show an imminent increase of up to $ 100,000.
