Crypto Exchange Bullish.com Reportedly Cuts About 10% of Workforce

Cayman Islands-based cryptocurrency exchange Bullish.com has joined a long list of crypto companies pursuing layoffs in an effort to weather the massive market downturn.

• According to a report in The Block, Bullish has laid off less than 30 of its workers, with a check of LinkedIn showing the company employs about 270. Bullish – which serves institutional clients – confirmed the job cuts to The Block, while noting it continues to actively hire for a number of roles.
• Gemini, Coinbase (COIN) and Crypto.com are among a number of exchanges which have announced job cuts in recent weeks.
• Bullish.com launched last year as a subsidiary of Block.one, the software company behind open-source blockchain platform EOSIO. Initial funding from Block.one and a number of prominent investors summed to a vast $10 billion.
• The exchange was to be taken public via a special purpose acquisition company (SPAC) agreement with Far Peak Acquisition (FPAC). Thanks to general market turbulence, particularly in the SPAC and crypto arenas, that deal has faced delays, with the two parties last week agreeing to extend the termination date from July 8 to Dec. 31.
• Earlier on Tuesday, crypto exchange eToro announced the termination of its planned SPAC deal with FinTech Acquisition Corp. V.

Read More: Are Exchange Layoffs the First Sign of Crypto Winter, or Is It Already Over?