Jobs cuts and hiring freezes follow crypto crash as Coinbase, Bahrain’s Rain ‘make tough decisions’ – Arabian Business

Jobs cuts and hiring freezes follow crypto crash as Coinbase, Bahrain’s Rain ‘make tough decisions’ – Arabian Business

Crypto firms in the Middle East and across the globe have begun to cut jobs and put hiring on hold as ripples of the cryptocurrency market crash spread across the globe – with Bitcoin falling more than 50 percent to less than $33,000 and the global crypto market shedding more than $2 trillion.

Rain Financial Inc, which is one of the Middle East’s largest crypto exchanges, has laid off dozens of employees amid a recent downturn in digital assets, Bloomberg reported.

The job cuts at Rain come as Gemini Trust Co, the crypto business run by billionaire brothers Cameron and Tyler Winklevoss, slashed 10 percent of staff.