Fidelity-backed crypto platform is reducing staff due to market pressures

OSL, a Hong Kong-based digital asset exchange, is cutting nearly a third of its costs after months of turmoil in the cryptocurrency market.

This includes staff reductions – although the company has not disclosed how many of its workforce have been laid off.

  • OSL provides cryptocurrency trading and custody services along with software solutions for institutional clients.
  • Hugh Madden, CEO of OSL’s parent BC Technology Group, specified in a statement Tuesday that the exchange cut costs due to “current market conditions” that included “staff cuts,” according to Bloomberg.
  • Taking such actions is far from the only exchange. NFT Marketplace OpenSea eviction 20% of its employees in July, while Cryptocom eviction A corresponding part of its workforce just last week.
  • Coinbase has completed two layoffs roughly equivalent to this cycle – once in June and again earlier this month.
  • The so-called “crypto winter” broke out in the second half of 2022, resulting in plummeting crypto-asset prices and several high-profile bankruptcies. The collapse of the competing exchange FTX November was the highlight, and its failure continues to send shock waves throughout the industry.
  • OSL is backed by Fidelity – an asset management giant that has launched several products related to Bitcoin and Ethereum investments.
  • Last year, Fidelity launched a product to allow its clients to add Bitcoin to their retirement accounts, which makes up to 20% of their portfolio.

Crypto-Crypto Platform came into being after staff cuts due to market pressure first on CryptoPotato.

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