Rain Financial, one of the Middle East’s crypto exchanges, reduced staff amid a recent downturn in digital assets.
The staff cuts were made to reflect the “operational needs and market conditions,” the company said in a statement. It didn’t provide the number of people made redundant.
“As a business we have had to adapt our future plans given these difficult market conditions to ensure we can navigate through this downturn,” Rain Financial said.
Cryptocurrency prices have declined this year from the highs reached in early November.
Rain’s backers include Silicon Valley venture capital firm Kleiner Perkins and Coinbase Ventures. It last raised funds at a $500m valuation, pledging to use the money to expand in the Middle East and Africa and double its workforce to 800 this year.
Read: Snap will cut 20% of workforce, slash investments, add COO