Bahrain-based crypto exchange Rain Financial to lay off over a dozen staff – ITP.net

Bahrain-based crypto exchange Rain Financial to lay off over a dozen staff – ITP.net

Bahrain-based crypto exchange Rain Financial Inc has said they will lay off over a dozen employees as crypto markets remain red, with Bitcoin tumbling more than 55 percent from its record high in November.

“As cryptocurrencies and global markets continue to slow down, this has in turn impacted businesses across the globe,” Co-founder and Chief Executive Officer Joseph Dallago said in a statement, as reported by Bloomberg. “We have had to make tough decisions to be able to navigate through this period of uncertainty and we can confirm we have downsized our Rain workforce.”

Rain is backed by Silicon Valley venture capital firm Kleiner Perkins and Coinbase Ventures.