Cryptocurrency exchange Bullish, backed by Peter Thiel, is another firm struggling with pressures stemming from the drought in crypto market liquidity.
The Gibraltar-registered company has laid off more than 30 employees, The Block reported on Tuesday, citing a source familiar with the matter. According to its website, it employs more than 395 people, meaning the layoffs represent a 75 reduction in the workforce.
According to the report, a company spokesman confirmed the job cuts, adding that Bullish is still hiring for a product, engineering, and other strategic positions.
The downturn in the cryptocurrency market has seen several companies cut spending or lay off employees, including Coinbase, BlockFi, Crypto.com, Vauld, Gemini, and Ignite. Some commentators expect market volatility and the resulting financial challenges to persist for the foreseeable future.
“I think there is likely to be significant pain in the short term,” Advisor Shares CEO Noah Hamman said in an interview with Blockworks. Bullish, a unit of blockchain software company Block. One has offices in Hong Kong, New York, Washington DC, Virginia, Singapore, Gibraltar, and the Cayman Islands.
Last July, Bullish announced it would go public via a merger with Far Peak Acquisition Corporation, a special purpose entity (SPAC). That deal is ongoing, and the termination date was recently extended to December 31, 2022.
Bullish said it paid Far Peak a $2.5 million renewal fee and expected to close the deal in the third quarter of this year.