Crypto Exchange Reportedly Cuts About 10% of Workforce

The company last week extended the deadline to complete its SPAC merger until the end of 2022.

AccessTimeIconJul 5, 2022 at 6:19 p.m. UTC
Updated May 11, 2023 at 6:49 p.m. UTC
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Cayman Islands-based cryptocurrency exchange has joined a long list of crypto companies pursuing layoffs in an effort to weather the massive market downturn.

  • According to a report in The Block, Bullish has laid off less than 30 of its workers, with a check of LinkedIn showing the company employs about 270. Bullish – which serves institutional clients – confirmed the job cuts to The Block, while noting it continues to actively hire for a number of roles.
  • Gemini, Coinbase (COIN) and are among a number of exchanges which have announced job cuts in recent weeks.
  • launched last year as a subsidiary of, the software company behind open-source blockchain platform EOSIO. Initial funding from and a number of prominent investors summed to a vast $10 billion.
  • The exchange was to be taken public via a special purpose acquisition company (SPAC) agreement with Far Peak Acquisition (FPAC). Thanks to general market turbulence, particularly in the SPAC and crypto arenas, that deal has faced delays, with the two parties last week agreeing to extend the termination date from July 8 to Dec. 31.
  • Earlier on Tuesday, crypto exchange eToro announced the termination of its planned SPAC deal with FinTech Acquisition Corp. V.


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Elizabeth Napolitano

Elizabeth Napolitano is a news reporter at CoinDesk.

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