Celsius Network, Crypto Lender, Cut Down 150 Jobs From The Firm Amidst The Report Of Restructuring
Following the horrifying crypto market crashing news that won’t halt for even a week, major crypto lending firms who have major shares and investors in the market like Celsius Network, Vauld, BlockFi, and Three Arrows hedge fund have been pushed close to liquidity and have chosen to restrict their business by limiting user withdrawal and transaction temporarily.
As the restructuring news came out of Celsius Network, the US-Israeli Crytpo lending company, another news of mass lay-offs has been coming out the business as about 150 employees are reported to be laid off from the firm recently.
This news comes as a part of its restructuring strategies and in an attempt to battle the company’s financial crisis. Reportedly, the firm records a high of 650 staff members, as reported on LinkedIn, which excludes the company’s top executives. This means that about 23% of the whole workforce was affected by this decision of lay-offs.
The decision of lay-offs comes following the risk of company insolvency and the volatile condition of the market, which has prompted many investors and Celsius Network users to withdraw a hefty amount of transactions from the company accounts.
In June, Celsius Network announced to pause its withdrawals for a temporary period and hired consultants and advisors from some of the biggest financial firms in the USA who are responsible for the restructuring of the company.
The firm’s main focus right now is to preserve and protect its assets after getting caught up in turmoil in mid-June.