Rain Financial, a crypto exchange based in Bahrain, has cut dozens of employees amid a downturn in digital assets, people with direct knowledge of the matter told Bloomberg.
“As cryptocurrencies and global markets continue to slow down, this has in turn impacted businesses across the globe,” Rain Financial CEO Joseph Dallago said in a statement provided to Bloomberg. “We have had to make tough decisions to be able to navigate through this period of uncertainty and we can confirm we have downsized our Rain workforce.”
Earlier this week, US-based crypto exchange operator Gemini slashed about 10% of its workforce, The Block reported.
Rain Financial raised $6 million in January, led by Middle East venture capital firm MEVP Capital, CoinDesk said.