Yet another exchange joins the enormously growing list of crypto-driven rivals, making significant layoffs amid harsh crypto market conditions.
Bullish, a blockchain-based crypto exchange for institutional clients, has recently announced that it would lay off around 30 of its staff members, following the current crypto market turmoil.
According to the official announcement issued on July 5th, the crypto-driven company noted that it would still be continuing “to actively hire for product, engineering, and other strategic roles as we continue to evolve our business strategy.” The report read that Bullish currently employs about 390 people, meaning that it will eventually cut down its personnel by 10%.
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Bullish, founded in 2021, is a Cayman Islands-based cryptocurrency exchange, regulated by the Gibraltar Financial Services Commission (GFSC) and serving over 40 jurisdictions. Last year, Block.one’s subsidiary Bullish was capitalized with over $10 billion in cash and digital assets in a funding round backed by well-known investors ​​Mike Novogratz and Peter Thiel.
On top of that, last year, Bullish and Far Peak, a New York-based special purpose acquisition firm founded in 2020, formed a partnership and announced that the former would eventually go live on the New York Stock Exchange (NYSE). However, the deal wasn’t sealed due to the catastrophic situation in the crypto market, as last week the deadline was extended from July 8 to December 31.
In fact, Bullish is not the only exchange to take such drastic measures amid the significant market downturn. For instance, earlier this year, Coinbase, Gemini, Huobi Global, Banxa, Crypto.com, Robinhood, and Bybit laid off a significant portion of their workforce as well.
However, it seems as though some firms are willing to place their bets on the crypto market’s recovery by expanding their operations. Back in June, the world’s largest crypto exchange Binance reported that it would be adding around 2000 additional employees to its talented team.
Likewise, US-based Binance’s rival Kraken also initiated its search for an additional 500 employees, adding that the bear market is the best opportunity to find new devoted personnel.
