Against the background of the fall of the cryptocurrency market in 2022, many exchanges and companies were forced to cut staff. Further deterioration of their financial position may lead to the fact that such enterprises will be bought up by banks and other large investment structures.
Recently it became known that such crypto platforms as Crypto.com have started mass layoffs of employees.
Many funds and companies focused on the crypto sphere faced the problem of lack of liquidity and suspended the withdrawal of funds. The next stage was the bankruptcy of crypto companies, it was at this moment that banks and the largest financial institutions would begin to acquire exchanges and startups.
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One of the leading exchanges in the Middle East, Rain, has also begun laying off employees, even though it operates in Dubai, which has created a comfortable environment for the blockchain industry.