Celsius Lays Off 150 Employees As Withdrawal Freeze Drags: Report
In response to falling prices and market contagion that have affected well-known companies, Celsius has joined several other cryptocurrency companies in laying off staff. According to a story published on Sunday by the Israeli news outlet Calcalist, the embattled cryptocurrency lender, Celsius, has fired 150 of its employees. Israeli employees are among them. In April 2021, Celsius reported having over 200 people working in New Jersey, London, Tel Aviv, Cyprus, and Serbia. On LinkedIn, the company with its headquarters in Hoboken lists roughly 650 employees. According to the LinkedIn statistic, the reported layoffs would result in a 23% reduction in the company's employees.
Celsius Halted Withdrawals On June 12
Celsius was established in 2017, although it has higher yields and more risk than a bank. Like its strained rivals Voyager and BlockFi, the company collects cryptocurrency deposits from clients and lends them to retail and institutional borrowers. The money Celsius makes from its loans is subsequently used to pay its customers. When it halted withdrawals and transactions on its platform on June 12, Celsius first raised concerns about a liquidity problem. Users are frustrated that withdrawals have not started again after more than three weeks. According to reports, the company has rejected legal counsel to declare bankruptcy and is counting on customer support to help it escape the complex procedure. Celsius' last update came in a blog on June 30, which said the firm was working on stabilizing liquidity and operations.
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