Bullish.com to Layoff Staff amid Market Downturn

blockchain.news:

Cryptocurrency exchange Bullish.com has joined other crypto companies in making layoffs to tackle the massive market downturn.

According to The Block, a source said that less than 30 Bullish staff members have been laid off. Bullish has employed around 390 people. 

However, a company spokesperson confirmed that «Bullish continues to actively hire for products, engineering and other strategic roles as we continue to evolve our business strategy.»

Bullish was launched last year as a subsidiary of Block.one — the software company behind the EOSIO blockchain protocol. Block.one and other investors provided an initial $10 billion in funding.

The company is based in the Cayman Islands and regulated by the Gibraltar Financial Services Commission. The crypto firm has hired employees across the world, with a large presence in Hong Kong.

Bullish's latest move just follows other crypto firms in cutting jobs due to a downturn in the market. Recently, Coinbase, Gemini, BitMEX, OSL and Abra have all cut down their workforces.

The Block reported that crypto trading and lending platform Abra has cut down a dozen jobs last week. Abra CEO Bill Barhydt confirmed the layoffs to The Block, saying that the firm has cut 12 jobs «purely as a cost-saving measure,» which translates to around 5% of the total workforce.

According to a report from Blockchain.News, Bybit trading platform revealed plans in June to lay off staff in a bid to reposition their businesses amid the ongoing crypto market slump. 

The latest layoff of the Bybit was unveiled through an internal letter shared with employees by the platform's Chief Executive Officer, Ben Zhou. 

In the letter, Zhou emphasized the need to downsize, considering some of the staff are not needed in