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Troubled company Celsius lays off 150 employees

 


Crypto lending platform Celsius has joined a slew of cryptocurrency firms in laying off employees as falling prices and the ongoing bear market show no end.


Celcius has laid off 150 employees, the Israeli news agency Calcalist reported on Sunday. This includes employees in Israel.


The most recent update of Celsius staff numbers from April 2022 showed a staff of 200 employees in New Jersey, London, Tel Aviv, Cyprus and Serbia. In total, the company seems to have 650 employees.


Based on LinkedIn's figure, the reported layoffs would represent a 23% staff reduction.


Celcius was founded in 2017. The company operates in a similar way to a bank, albeit with more risk and higher returns. The company collects crypto deposits from customers and lends them to retail and institutional borrowers. Customers then receive payments from the income Celsius earns from its loans.


The network promises high returns on deposits of up to 18.6% annually. Celsius claimed to have about $12 billion in assets under management and $8 billion in processed loans as of May.

Celsius sparked fears of a liquidity crunch when the company suspended withdrawals and transfers on its platform on June 12. Even after three weeks, these have not resumed, leaving users frustrated.


The company has reportedly resisted advice from its own lawyers to file for bankruptcy. Celsius prefers to rely on user support to avoid the tedious process.


Goldman Sachs also wanted to raise about $2 billion to acquire the ailing company.


On June 30th came the last update from Celsius. A blog post said the company was working to stabilize liquidity and operations.


"We continue to take important steps to preserve and protect assets and evaluate options available to us"


"Those options include, but are not limited to, pursuing strategic transactions as well as restructuring our liabilities."


Since the bad news about Celsius, the native token CEL is down 80% so far this year.

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