OSL, a Hong Kong-based digital asset exchange, is cutting roughly a third of its costs following months of turbulence in the crypto market.
That includes staff cuts – though the firm did not reveal how large a portion of its workforce was laid off.
OSL provides crypto trading and custody services alongside software solutions for institutional clients.
Hugh Madden, CEO of OSL’s parent company BC Technology Group, specified in a statement on Tuesday that the exchange cut costs due “to current market conditions” which included “headcount reduction,” according to Bloomberg.
It’s far from the only exchange to take such measures. NFT Marketplace OpenSea dismissed 20% of its staff in July, while Cryptocom laid off an equivalent slice of its workforce just last week.
Coinbase has undertaken two roughly equivalent layoffs this cycle – once in June, and again earlier this month.
The so-called “crypto winter” raged throughout the second half of 2022, ushering in plummeting crypto asset prices and multiple high-profile bankruptcies. The collapse of rival exchange FTX in November was the most prominent, whose failure is still sending shockwaves throughout the industry.
OSL is backed by Fidelity – the asset management giant that has launched numerous products related to Bitcoin and Ethereum investing.
Last year, Fidelity launched a product to let its clients add Bitcoin to their retirement accounts, comprising up to 20% of their portfolio.
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