Fidelity-Backed OSL Cuts Company’s Staff By 30% Due To Market Decline
- OSL, a digital assets platform supported by Fidelity, reduced costs as the industry-wide ripple effects of the ongoing volatility in the crypto markets persisted.
- Due to current market conditions, the Hong Kong-based company is reducing expenditures by around 30%, including headcount reduction.
- With the job cuts, OSL becomes the most recent cryptocurrency company to reduce headcount as the market struggles with asset prices that are still far below their peak in late 2021.
OSL, a Fidelity-backed digital assets platform, is reducing expenses by nearly a third due to the decline in the cryptocurrency markets, according to a Bloomberg report.
Hugh Madden, CEO of BC Technology Group, the parent company of OSL, said in a statement on Tuesday that the choice to reduce expenses was made in reaction “to current market conditions” and “headcount reduction.” OSL, based in Hong Kong, declined to say how many jobs were eliminated.
OSL provides software solutions for institutional investors as well as trading and custody of digital assets.
With the job cuts, OSL is the most recent cryptocurrency company to reduce headcount as the market struggles with asset prices that are still far below their peak in late 2021. When one of the main exchanges, FTX, abruptly shut down in November, the effects of the crypto winter were exculpated.
As Coincu reported, following a prior round of layoffs in the middle of last year, Crypto.com eliminated 20% of its global employees last week. According to Kris Marszalek, the CEO of Crypto.com, the decision was derived from a number of things, including ongoing economic headwinds and unexpected industry happenings. This is one of the notable staff cuts from the beginning of the year to now.
In addition, Coinbase Global lost about 950 jobs, or about 25% of its workforce. The exchange expects to lay off roughly 950 workers in order to cut operating costs by about 25% on a quarterly basis.
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