The Celsius crypto project announced the reduction of 150 employees

Posted 05 July, 2022

The American-Israeli cryptocurrency platform Celsius will lay off 150 employees, Calcalist reported. Since the platform announced the suspension of the withdrawal of funds, it has begun to restructure the business by inviting third-party consultants and lawyers.

Celsius representatives claim that the team is taking steps to preserve assets and respect the interests of customers and partners. These actions include conducting strategic transactions, as well as restructuring the team and obligations to partners.

Celsius Network is a centralized platform for working with various cryptocurrencies, including ETH, BTC and many stablecoins. The company offers deposits with an income of up to 17% per annum and cryptocurrency loans at a rate of 0.1% per annum.

The platform was founded in 2017 by partners from the USA and Israel Daniel Leon, Alex Mashinsky and Nyuke Goldstein. On June 13, the company suspended all withdrawals, swaps and transfers between accounts due to "extreme market conditions."

Following the Celsius Network, many other major cryptocurrency platforms such as Babel Finance, Voyager Digital and Vauld have begun suspending operations on their platforms. The main reasons for blocking customer funds, companies call a lack of liquidity and a crisis in the digital asset market.

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