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Fidelity International-backed OSL latest crypto outfit to slash workforce: Bloomberg
UPDATED: January 17, 2023, 10:10AM EST
Quick Take
- OSL didn’t disclose how many people were let go.
- It’s the latest in a string of layoffs for the crypto industry.
Fidelity International-backed OSL, a digital-assets platform, is the latest crypto firm to cut jobs, Bloomberg News reported.
The Hong Kong-based company is cutting costs by about 30%, including "headcount reduction" as a result of "current market conditions," Hugh Madden, CEO of OSLâs parent company BC Technology Group, said in a statement on Tuesday.Â
The exact number of positions eliminated was not disclosed.Â
Last week, Crypto.com and Coinbase each cut 20% of staff. Genesis, Huobi and Silvergate have also announced layoffs this month.Â
In 2022, OSL cut 15% of its workforce, between 40 and 60 people.
Update: This story was updated to reflect Fidelity's full name.Â
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