Cryptocurrency lending platform, Celsius has laid off 150 employees which are 25% of its workforce. The layoffs have been done as the global crypto market goes through its worst meltdown.
Celsius has informed, “We are focused and working as quickly as we can to stabilise liquidity and operations, in order to be positioned to share more information with the community. We are operating with the entire community and all clients in mind as we work through these challenging times.”
The company helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app.
Celsius Network was co-founded by Alex Mashinsky, Daniel Leon, and Nuke Goldstein in 2017. The firm comprises 650 staff members, as listed on its official LinkedIn page. Celsius Network supported over 101,000 users worldwide with over $730 million in assets.
Celsius has built on the belief that financial services should only do what is in the best interest of the customers and community. The company is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions.
Celsius has joined the list of crypto firms downsizing their workforce due to the economic downturn. Coinbase earlier laid off over 1,100 employees.
