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Middle East bitcoin exchange Rain reduces staff due to slump
(MENAFN) Bitcoin trade in the Middle East A market slump has led to "a lot" of job cuts at Rain, a company that operates throughout the Gulf and is regulated by the Central Bank of Bahrain.
Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy founded the company in 2017, which secured USD110 million in series B fundraising in January but has been hampered by market volatility.
In a LinkedIn post, Mr. Dallago claimed that Rain is going to aim to "emerge stronger in the coming months." He added, “Crypto saw a meteoric rise at the start of 2021.”
He also mentioned that “this was fuelled in part by sustainable interest and enthusiasm for the unique capabilities of this technology, and in part by unsustainable rampant speculation.” Noting that “the volatility in the industry has been difficult to properly plan for, which has resulted in the unfortunate changes that we have had to make today.”
Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy founded the company in 2017, which secured USD110 million in series B fundraising in January but has been hampered by market volatility.
In a LinkedIn post, Mr. Dallago claimed that Rain is going to aim to "emerge stronger in the coming months." He added, “Crypto saw a meteoric rise at the start of 2021.”
He also mentioned that “this was fuelled in part by sustainable interest and enthusiasm for the unique capabilities of this technology, and in part by unsustainable rampant speculation.” Noting that “the volatility in the industry has been difficult to properly plan for, which has resulted in the unfortunate changes that we have had to make today.”
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