Rain Financial Inc, a crypto exchange in the Middle East with several customers from Saudi Arabia, UAE & Bahrain, announced axing 30 of its Bahraini employees in various markets, citing challenges in the global cryptocurrency.
The company informed its staff this week about the decision, where the cuts impact a range of departments. “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.
The move, the company said, aims at fulfilling its operational requirements under the circumstances in the international markets. Rain further said it is confident in overcoming the challenges and moving forward “stranger than ever.” Cryptocurrency prices have declined this year from the highs reached in early November.
Source:https://www.gulf-insider.com/bahrain-rain-financial-cuts-jobs-amid-crypto-sell-off/