Cryptocurrency Company Abra Begins Plan To Cut Costs And Restructure The Business
- Cryptocurrency company Abra has been scrutinizing cost-cutting to combat the bear market.
- Abra begins planning for staff reductions of sales, sales, and research departments, possibly senior staff.
- The restructuring comes as the company aspires to become the first US-regulated crypto bank.
A crypto investment management firm Abra begins cutting costs and reorganizing its business as a stepping stone against the bear market, according to Blockworks citing people familiar with the matter.
Steps taken by top Abra executives include minor layoffs in the company’s sales, sales, and research departments, the sources said.
Measures taken by top Abra executives include several layoffs in the company’s sales, business, and research divisions, the sources said. This is especially so, however, because senior company officials may also be on the list for layoffs.
Reportedly, Michael Maizels, Abra’s head of research, was among those laid off in the past few months, as was Robin Malik, the company’s head of over-the-counter (OTC) trading. The cuts are still going strong in the bear market, not related to employee performance.
Despite the ongoing layoff landscape, one source said the more recent moves could stem from a plan to fill what should have been a newly created position: chief investment officer. Abra also plans to hire an investment director to connect the company’s trading, credit, and wealth management, divisions.
The head of each division will report to the investment director allocated to each sector. Such a setup will simplify and strengthen internal communication methods while improving the efficiency of capital transactions and operations.
As mentioned in an earlier Coincu News article, the crypto trading platform aims to establish the first US-regulated digital asset bank.
Abra announced that the bank, Abra Bank, will be subject to US regulatory scrutiny and allow consumers to use digital assets like how currency is used at banks’ common goods. Abra International, a consortium outside the US focused on digital assets, is another project the organization has in mind.
According to the plan, the two businesses will go public in 2022 and 2023, respectively. According to Abra, in addition to providing “on-ramps, off-ramps and trading services” for cryptocurrencies, both institutions will work with authorities to ensure regulatory and regulatory compliance. On Twitter, the bank’s founder and CEO, Bill Barhydt, also announced that they will be offering custody and services for non-fungible tokens when it launches no later the first quarter of 2023.
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