Cryptocurrency firm Rain has announced that it is cutting staff amid a sharp downturn in the digital asset market.
According to Bloomberg, the company said in a statement that the reduction in the number of employees was in line with “operational needs and market conditions.”
Rain, the largest cryptocurrency exchange in the Middle East and based in Bahrain, did not say how many employees were laid off.
Cryptocurrency prices have declined this year from their highs in early November.
While the cryptocurrency market cap was over $3 trillion at its peak last November, it fell below $1 trillion earlier this year.
Last May, the US website CoinMarketCap, which specializes in tracking developments in the digital currency market, announced that about $200 billion of the value of these currencies in the global market evaporated in a single day.
“As a company, we have had to adapt our future plans in these challenging market conditions to ensure we can weather this downturn,” Rain said in a statement.
Rain, a crypto-asset trading platform, is the first company of its kind to receive a license from the Central Bank of Bahrain in 2019.
Source: Lebanon Debate
