Cryptocurrency lender Celsius has announced that it is laying off 150 employees as it restructures amid a liquidity crisis that saw it stop all customer withdrawals last month.
The firm has 650 staff members, meaning that nearly a quarter (23%) of its workforce is impacted by the headcount reduction.
The layoffs come amid uncertainty for the company as it faces possible insolvency. In June, Celsius halted all withdrawals from its accounts, citing “extreme market conditions.”
The company also said that it is exploring options to “preserve and protect assets” and is undertaking a restructuring.
Investment bank Goldman Sachs (GS) has been retained to lead a $2 billion U.S. capital raise from investors to purchase Celsius’ distressed assets.
Celsius joins a growing number of cryptocurrency firms letting go of staff amid the current market turmoil. Crypto exchange Coinbase laid off more than 1,000 employees in June, with exchanges Gemini, Bybit, Huobi, Banxa, and others also cutting staff in the past month.
The price of Celsius’ CEL token was up 15% in the past 24 hours. Bitcoin (BTC), the largest digital coin, is currently trading at $19,700 U.S., down from a peak of $68,000 U.S. reached last November.
