Rain Financial cuts jobs in Bahrain amid crypto sell-off
Agencies | Manama
The Daily Tribune – www.newsofbahrain.com
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.
“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.”
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 “stronger than ever.” Cryptocurrency prices have declined this year from the highs reached in early November.
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