Crypto Lending Giant, Celsius Lays Off 150 Employees

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It’s been a difficult couple of weeks for American-Israeli crypto lending giant Celsius, following weeks of uncertainty over the company’s financial health. While the company has debunked rumours of insolvency, there are reports that it has laid off over 150 of its employees, further raising concerns over the firm’s financial position.

Before axing about 150 employees, records on LinkedIn show that the company previously had around 650 staff members. But this latest move means that the company has now lost 23% of its staff strength.

Many experts believe the layoffs are connected to the company’s financial woes in recent weeks. It would be recalled that Celsius paused withdrawals on its platform in June, citing extreme market conditions for the move. Despite hiring restructuring experts, the company is still miles away from recovery.

Celsius has so far promised investors that it is exploring new options to preserve and protect investors’ assets, even as the bearish winter continues to bite harder.

Reports suggest that Goldman Sachs is planning to raise $2 billion from investors to buy Celsius distressed assets. Coincidentally, Goldman Sachs isn’t the only company looking to buy off Celsius, as crypto giant FTX has also provided a rescue plan. According to reports, FTX has already finalized a deal to buy off Celsius, but there aren’t any official figures yet.

Celcius isn’t the only crypto company letting go of its staff. Last month, Coinbase announced that it is laying off 1,100 employees, raising concerns within the crypto community that all may not be well within the company. Also, the bearish market has forced other exchanges like Banxa, By bit, and Houbi to make similar moves.

Amid the financial difficulties being experienced by Celsius, their native token CEL was up by 15% in the last 24 hours.

Whether the firm makes it out of its current financial struggles remains to be seen. For now, Celsius hasn’t made any concrete move to remedy its financial woes, further increasing fear among investors that their investment may be lost completely.

We will make sure to keep you updated if anything comes up.

Nitish Vaibhav
Nitish Vaibhav
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

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