Fidelity-backed crypto company OSL has announced that it is reducing its workforce.
As Bloomberg News reports, digital asset platform OSL, backed by Fidelity International, has become the latest crypto company to cut its workforce.
Fidelity-Backed Company Joins Caravan of Layoffs
Hugh Madden, CEO of BC Technology Group, OSL’s parent company, said in a statement that the Hong Kong-based crypto firm is on a path to cut staff as a result of “current market conditions.” In addition, the company also reduced all costs by 30%.
The number of employees laid off was not disclosed.
Last week, world-famous cryptocurrency exchanges Crypto.com and Coinbase laid off 20% of their staff. Likewise, Genesis, Huobi, and Silvergate have joined the ranks of crypto companies that have had to cut staff.
OSL had previously reduced staff numbers. The company reduced its workforce by 15% in 2022.
The deep crisis experienced by the crypto money markets has caused dozens of companies to reduce their workforce. Although the markets are breathing with the rise of Bitcoin, it does not seem possible to say that the markets have come out of the crisis for sure.