‘Cryptobank Celsius must lay off a quarter of its staff’

Last Updated: 4 July 2022

Cryptobank Celsius is to lay off a quarter of its staff. That is what the news site Calcalist from Israel reports. It would also involve people working from that country. The management of the cryptobank also has its roots in Israel.

Celsius Israel

The company’s LinkedIn page lists 650 employees, with its headquarters in Hoboken, New Jersey. There are also offices in Israel and the United Kingdom. These offices are mainly occupied by developers and ICT professionals.

Celsius is in deep financial trouble because of the evaporation of Luna. They have appointed Wall Street bank Citigroup as financial advisor, among others. According to the Wall Street Journal, they are also working with the trustees of the consultancy firm Alvarez & Marsal.

'Cryptobank Celsius moet kwart van personeel ontslaan'https://t.co/JjEUOof4U7#bitcoin #crypto #altcoin #BTC #ETH #blockchain #bitavo #binance #bitvavo #cryptocurrency

— Breaking Bitcoin & Crypto Nieuws & achtergronden (@bitcoincryptonl) July 3, 2022

In addition, cryptoconcern FTX Celsius is also providing financial advice to Celsius, and a takeover may be in the offing. The former is also in the race to take over Blockfi.

Celsius customers have been unable to withdraw cryptos from their accounts for over two weeks. According to the company, it is in the process of strengthening its solvency and liquidity position.

Redundancy rounds

Celsius is not the only crypto-company which has to make cuts in its organisation. Coinbase, Gemini, Huobi and, of course, Blockfi, among others, will also have to lay people off. Dutch companies such as Bitvavo and LiteBit, on the other hand, said they will expand their operations this year, as reported in last Friday’s edition of Bitcoin Editie.