Rain Financial, one of the largest crypto exchanges in the Middle East, announced that it was cutting jobs to its staff on Thursday. The Dubai-based company had over 400 employees ahead of the layoffs. Rain Financial did not specify how many employees would be affected.
This is not the first time Rain Financial reduced staff this year, as they laid off dozens of employees in June. Cryptocurrency prices have dropped significantly since 2021 and continue to affect companies like Rain.
Nearly 5,000 crypto employees have been laid off since April of this year after the crypto market crashed. In June, Coinbase announced they were laying off 1,100 people. A cryptocurrency executive admits that companies hired staff way too quickly and now have to adjust.
Co-founder and CEO of Rain Financial, Joseph Dallego, showed that these job cuts and unpredictable market futures do not stunt his optimism. In a LinkedIn post, he said, “We had to say goodbye to many talented team members. They have built this company into what it is today and have forever shaped it for the future.
