BitOasis has become the latest company to axe staff members sending 5% of its workforce packing.
Operating from the UAE, BitOasis announced it will start cutting jobs as it seeks to weather the storm and market turmoil in the cryptocurrency sector.
“Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi, and Amman,” said BitOasis CEO and co-founder Ola Doudin in an email.
In recent news, crypto lender Celsius Network decided to freeze withdrawals which put a large strain on the market. It has been said that users are planning to sue Celsius for being asked to deposit further funds to serve existing loans rather than using money already in their accounts.
This turn of events has led to a reduction in staff across many cryptocurrency exchanges, including the popular secure platform, Coinbase, who announced it was slashing 18% of its workforce, leaving around 1,000 employees jobless without any preliminary notice.
The company CEO said that it was necessary to ensure that no employee would act rashly and leak sensitive information about the company.
All is not lost in the market, amid the crypto crash Binance seems on track with its 2022 growth plans.
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