Celsius has laid off 150 employees.
Withdrawals on Celsius have not resumed yet.
Leading crypto lending platform Celsius network has laid off 150 employees, a quarter of its workforce, as the global crypto market goes through its worst slump yet.
Celsius team stated :
We are focused and working as quickly as we can to stabilise liquidity and operations, to be positioned to share more information with the community. We are operating with the entire community and all clients in mind as we work through these challenging times.
Laying Off to Combat Insolvency
Celsius Network has 1.7million customers and $11.8billion in assets. Many large cryptocurrency companies have also reduced the number of their employees. Gemini, Coinbase, and Bybit are the three main participants in the cryptocurrency market, which has reduced its staff. Price of Celsius (CEL) tokens were up 16.07% in the past 24 hours.
The total crypto market volume in the last 24 hours is $40.40B. Bitcoin, the largest and most popular cryptocurrency, is trading below $20,000 as per CMC. On the other hand, almost all altcoins have fallen to their lowest.