Celsius layoff: Celsius lays off 150 employees of crypto lending platform

Cryptocurrency lending platform Celsius has laid off 150 employees, a quarter of its workforce, as the global crypto market faces its worst crisis.

Last month, the platform suspended all withdrawals citing “extreme market conditions”.

According to Israeli outlet Calcalist, it has now fired around 150 of its employees.

“We are focused and working as quickly as possible to stabilize liquidity and operations, so that we are positioned to share more information with the community,” Celsius wrote in a blog post.

“We are acting with the whole community and all customers in mind as we navigate these difficult times,” he added.

Celsius raised $750 million in funding late last year, reaching a valuation of $3 billion.

Discover the stories that interest you

The US-Israeli firm had processed $8.2 billion in loans and had $11.8 billion in assets as of May this year.

Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposit withdrawals and loyalty rewards, as leading crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the States. United States, in which Voyager has made significant investments.

The development comes as popular crypto tokens such as Bitcoin and Ethereum have fallen almost 70% from their all-time highs amid the economic crisis.

Last month, cryptocurrency exchange Vauld decided to cut its workforce by around 30%.

Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and companies such as Coinbase, Gemini, Crypto.com and others have announced downsizing.

Stay on top of tech news and the startups that matter. Subscribe to our daily newsletter for the latest must-have tech news, delivered straight to your inbox.
Previous Top Ten Reasons Why Your Boyfriend Is Always Borrowing Money
Next Mirae Asset enters the lending business, to offer loans against MF assets