Bahrain: Coinbase-backed Rain cuts jobs amid cryptocurrency selloff

Rain Financial Inc.,one of the Middle East’s largest crypto exchanges, has laid off dozens of employees amid a recent downturn in digital assets, according to people with direct knowledge of the matter. 

The company communicated the decision to staff this week, the people said. The cuts impact employees across a range of departments, they said, declining to be identified as the matter is private.

Cryptocurrency prices have declined this year from the highs reached in early November. The job cuts at Rain come as Gemini Trust Co., the crypto business run by billionaire brothers Cameron and Tyler Winklevoss, slashed 10% of staff.

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