Celsius lays off 25% of staff

Lending platform Celsius has laid off about 150 employees, equivalent to 25% of the company’s staff. In the midst of a severe liquidity crisis, Celsius is facing many difficulties.

Celsius had to cut a quarter of its staff

Israeli business newspaper Calcalist reported that Celsius had to cut 150 employees. According to the official LinkedIn profile, the company has about 651 employees with its headquarters located in New Jersey (USA). The company also has offices in other countries such as Israel and the UK.

It can be seen that this lending platform has had to “break up” with 25% of its employees because it is on the verge of collapse. As was updated in Coincu News articles, Celsius has hired lawyers to prepare for the “bankruptcy” process and legal advisors in the hope of finding more ways out for himself.

As of May 2022, the company has loaned more than $8 billion to customers and has $12 billion in assets under management. Despite its “glorious” valuation in the past, at the present time, Celsius does not even make it to the “rescue list” of the FTX exchange because of its extremely dark state of operation business action.

However, this lending platform is not the first name (nor the last) on the list of crypto companies to lay off employees. The prolonged gloom of the market has forced many crypto companies to “tighten their belts” to cut staff and reduce business operations.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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