Compass Mining stated that it will be cutting 15% of its staff, as well as spending salaries.
Bitcoin mining company said that pay cuts could reach 50% for the senior staff and executive team.
“While it is difficult, these changes will allow Compass stay agile and well placed in this evolving marketplace, which has challenged many peers in our industry,” stated Paul Gosker, interim CEO and co-founder of Compass.
Compass Mining recently resigned its CEO, and CFO. The Block reported that Compass Mining cited “multiple failures and disappointments”, while at the same time, there was a conflict between the company’s hosting provider and the public over claims of missed payment.
Compass Mining stated, however, that while the company has grown rapidly, its services are not as good as they should be.
These changes have been impacted by the recent market downturn. They have joined other cryptocurrency companies in making layoffs in order to address the huge market downturn.
According to The Block Crypto companies like Bullish.com have laid off less that 30 Bullish staffers. Bullish employs around 390 people.
A company spokesperson however confirmed that Bullish continues to actively recruit for products, engineering, and other strategic roles in order to develop our business strategy.
CoinLoan, a provider of crypto-backed loans, has been temporarily shut down Reduplication The limit on withdrawals for traders. According to the company, the decision was made because of the current market turmoil.
Customers have been limited to withdrawing a maximum of $5,000 per 24 hours after the announcement.
“The Interest we pay on the Interest accounts is earned by issuing overcollateralized loan to other platform users. CoinLoan explained in the announcement that in some instances, the estimated date for a complete withdrawal from the Interest Accounts is prior to, not after, loan closing.
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