Home Technology Blockchain Coinbase-backed crypto firm Rain Financial cuts jobs The staff cuts were made to reflect the operational needs and market conditions by Bloomberg September 1, 2022 Rain Financial, one of the Middle East’s crypto exchanges, reduced staff amid a recent downturn in digital assets. The staff cuts were made to reflect the “operational needs and market conditions,” the company said in a statement. It didn’t provide the number of people made redundant. “As a business we have had to adapt our future plans given these difficult market conditions to ensure we can navigate through this downturn,” Rain Financial said. Cryptocurrency prices have declined this year from the highs reached in early November. Rain’s backers include Silicon Valley venture capital firm Kleiner Perkins and Coinbase Ventures. It last raised funds at a $500m valuation, pledging to use the money to expand in the Middle East and Africa and double its workforce to 800 this year. Read: Snap will cut 20% of workforce, slash investments, add COO Tags cryptocurrency Rain Financial 0 Comments You might also like Bitcoin surges above $42,000 for first time since April 2022 Sam Bankman-Fried convicted of multi-billion dollar FTX fraud Fluent Finance to develop stablecoin technologies in the UAE FTX founder Sam Bankman-Fried heads to trial in the US: A timeline