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Bullish Joins Rival Crypto Exchanges in Cutting Staff: Report
Bullish has pushed back its IPO termination date to December 31. Investors including Block.one, Peter Thiel and Alan Howard have poured a combined $10 billion into funding the exchange over the past year Peter Thiel-backed cryptocurrency exchange Bullish is another firm struggling with pressures arising from the crypto market liquidity drought. The Gibraltar-registered company has laid off more than 30 employees, The Block reported on Tuesday, citing a source familiar with the matter. It employs more than 395 people, according to its website, meaning the layoffs are a...
Bullish Joins Rival Crypto Exchanges in Cutting Staff: Report
- Bullish hat sein Kündigungsdatum für den Börsengang auf den 31. Dezember verschoben
- Investoren wie Block.one, Peter Thiel und Alan Howard haben im vergangenen Jahr zusammen 10 Milliarden US-Dollar in die Finanzierung der Börse gesteckt
Peter Thiel-backed cryptocurrency exchange Bullish is another firm struggling with the pressures resulting from the crypto market liquidity drought.
The Gibraltar-registered company has laid off more than 30 employees, The block reported on Tuesday, citing a source familiar with the matter. According to its own information, it employs more than 395 people website meaning the layoffs represent a 7% reduction in the workforce.
A company spokesperson confirmed the job cuts, according to the report, adding that Bullish is still hiring for product, engineering and other strategic positions.
The downturn in cryptocurrency markets has caused a number of companies to cut spending or lay off employees, including Coinbase, BlockFi, Crypto.com, Vauld, Gemini and Ignite. Some commentators expect market volatility and resulting financial challenges to continue for the foreseeable future.
“I think there is probably significant pain in the near term,” Noah Hamman, CEO of AdvisorShares, said in an interview with Blockworks. "We think it will sort itself out, but some companies won't make it. But then we feel like it's almost like a refresh... a little bit of cleansing," he added.
Bullish, a unit of blockchain software company Block.one, has offices in Hong Kong, New York, Washington DC, Virginia, Singapore, Gibraltar and the Cayman Islands.
The exchange launched in 2021 with 10 billion dollars in financing, which was originally aimed at serving only institutional investors. However, services were later expanded to include automated market making, lending and portfolio management for retail users. Backers include Peter Thiel's Thiel Capital and Founders Fund, British hedge fund manager Alan Howard, Galaxy Digital and Japanese investment bank Nomura.
In July last year, Bullish announced it would go public via a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC). This deal is ongoing and the termination date was recently expanded through Dec. 31, 2022. Bullish said it paid Far Peak a $2.5 million extension fee and expects the deal to close in the third quarter of this year.
If the deal goes through as intended, Bullish will become a publicly traded company and trade on the New York Stock Exchange.
Bullish did not immediately respond to Blockworks' request for comment.
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The post “Bullish Joins Rival Crypto Exchanges in Cutting Workforce: Report” is not financial advice.