Crypto exchange Rain Financial dismisses dozens of employees amid downturn, Bloomberg says

Rain Financial, a crypto exchange based in Bahrain, has cut dozens of employees amid a downturn in digital assets, people with direct knowledge of the matter told Bloomberg

“As cryptocurrencies and global markets continue to slow down, this has in turn impacted businesses across the globe,” Rain Financial CEO Joseph Dallago said in a statement provided to Bloomberg. “We have had to make tough decisions to be able to navigate through this period of uncertainty and we can confirm we have downsized our Rain workforce.”


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Earlier this week, US-based crypto exchange operator Gemini slashed about 10% of its workforce, The Block reported.

Rain Financial raised $6 million in January, led by Middle East venture capital firm MEVP Capital, CoinDesk said.

About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.