Calcalist claimed in a “private” article today that embattled cryptocurrency lending platform Celsius has laid off 150 employees. The company's LinkedIn profile states that it has 651 employees and is headquartered in Hoboken, New Jersey. The company also has offices in Israel and the UK. Calcalist noted that some of the dismissed workers were in Israel, adding that Celsius did not respond to a request for comment.

Celsius Appointed Citigroup for Advisory Purposes Last Week

He recently commissioned Citigroup to advise on the company's financial options. The Wall Street Journal said that the company was working with restructuring advisors from consulting firm Alvarez & Marsal. Cryptocurrency exchange FTX was in talks with Celsius about providing financial support or buying it, but decided not to continue after examining the company's financial situation, two people familiar with the matter said last week.

Bitcoin Altcoins

“We are focused on stabilizing liquidity and operations and working as fast as we can to be in a position to share more information with the community,” Celsius wrote on its blog late last week.

The downturn in the crypto money market has also negatively affected many crypto companies. In particular, the wave of economic problems initiated by Three Arrows Capital (3AC) has spread to other crypto firms that have exposure to this company. BlockFi, which is among them, recently sat at the agreement table with FTX.

Coinbase, one of the world's leading cryptocurrency trading platforms, announced its plan to strengthen its presence in Europe in its blog post. Coinbase reported that it wants to enter the markets of the Netherlands, Spain, Italy and France.

Coinbase recently announced its plan to lay off 1,100 employees (about 18% of the company's total workforce). Earlier this week, Goldman Sachs downgraded the company's stock, lowering its price target to just $45. The American banking giant had predicted that the largest US stock market would have to lay off even more employees to adapt to the new reality. As it is known, the BTC price had recently gone through one of the worst quarters of the last decade, and regressed to $ 17,600 in June.

However, Coinbase claims that the cryptocurrency winter will not hinder its expansion in Europe. As a matter of fact, the company entered the UK market in 2015, despite the fact that the BTC price faced a very serious bear market, and this move bore fruit with the increase in crypto money prices in the following years. Due to the bearish wave in the crypto market, many companies seem to be resorting to downsizing. However, some companies such as FTX aim to turn the current crisis into an opportunity. The company has recently given the signal to buy the struggling Bitcoin mining companies cheaply.

coinbase-1

Coinbase Announces Expansion Plans Despite The Market Drop!

Coinbase, one of the world's leading cryptocurrency trading platforms, announced its plan to strengthen its presence in Europe in its blog post. Coinbase reported that it wants to enter the markets of the Netherlands, Spain, Italy and France.

Coinbase recently announced its plan to lay off 1,100 employees (about 18% of the company's total workforce). Earlier this week, Goldman Sachs downgraded the company's stock, lowering its price target to just $45. The American banking giant had predicted that the largest US stock market would have to lay off even more employees to adapt to the new reality. As it is known, the BTC price had recently gone through one of the worst quarters of the last decade, and regressed to $ 17,600 in June.

However, Coinbase claims that the cryptocurrency winter will not hinder its expansion in Europe. As a matter of fact, the company entered the UK market in 2015, despite the fact that the BTC price faced a very serious bear market, and this move bore fruit with the increase in crypto money prices in the following years. Due to the bearish wave in the crypto market, many companies seem to be resorting to downsizing. However, some companies such as FTX aim to turn the current crisis into an opportunity. The company has recently given the signal to buy the struggling Bitcoin mining companies cheaply.