BitOasis Crypto Exchange Has Sent Home 5% of its Employees, the Latest in the Industry
- The nine BitOasis employees were sent home on Sunday following the market turmoil.
Dubai-based crypto exchange BitOasis has fired 5 percent of its staff, according to an internal memo shared online. BitOasis is the latest culprit of the shrinking crypto market after Coinbase led the way.
According to media outlet Reuters, nine of BitOasis employees were sent home on Sunday following the market turmoil.
“Earlier this week, nine employees were made redundant across offices in Dubai, Abu Dhabi and Amman,” BitOasis CEO and co-founder Ola Doudin said in an email.
BitOasis and the Crypto Market Outlook
The crypto market has synchronized with the traditional stock market to a greater extent than in prior years. CNBC’s Jim Cramer recently said that the crypto and stock market crash reveals investors just want money.
For this case, BitOasis is a major crypto investor seeking hefty returns. With the crypto market down significantly from the ATH, young companies are prone to balance sheet struggles. Moreover, the volatility has seen Bitcoin’s price drop from around $69k to around $17k.
Additionally, the total crypto market cap has been slashed by over $2 trillion in the past year. Thereby leaving less than $1 trillion in the market.
Nevertheless, the crypto market has huge potential and as a result, companies want to survive at all costs.
Notably, BitOasis was founded back in 2015 in Dubai to serve the English and Arabic-speaking customers of the region.
Last year, the company received permission to operate a Multilateral Trading Facility from the Abu Dhabi Global Market. Additionally, the company is registered as a Virtual Asset Service Provider with the Financial Intelligence Unit of the UAE central bank.
Worth noting, that the company received provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in March 2022.
The crypto trading platform offers over 60 crypto assets to its Middle East customers. Currently, the company takes pride in processing over $3 billion in trading volume.
Further Notes
BitOasis is among the crypto investors seeking more markets during the ongoing crypto winter. Moreover, market pundits have described the current phase as the building period, besides investors’ accumulation.
Following the increased layoffs in the crypto industry, it exposes the flaws in the market. Moreover, other sectors have not laid off as high as the crypto industry.
Nevertheless, there are successful projects like Binance that have announced more hirings during this period. Indeed, a major contrast.
Meanwhile, the crypto market has rebounded from last weekend’s lows. According to market data provided by CoinGecko, Bitcoin (Btc) and Ethereum (Eth) are trading around $63,906.03 and $3,141.75 respectively.
The total crypto market capitalization stands at around $955 billion.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
