Abra becomes latest crypto firm to cut jobs

Quick Take

  • Abra has laid off staff, sources tell The Block.
  • Abra CEO Bill Barhydt confirmed the layoffs, saying 12 jobs have been cut.

Abra, a crypto trading and lending platform, slashed a dozen jobs this week, two sources familiar with the matter told The Block.

When contacted, Abra CEO Bill Barhydt confirmed the layoffs to The Block, saying that the firm has cut 12 jobs "purely as a cost-saving measure." That translates to around 5% of the total workforce, he added.

Founded in 2014 by Barhydt, California-based Abra provides a crypto platform for both individual and institutional clients with services such as trading, lending and borrowing.

Abra is backed by venture capital investors, including Blockchain Capital, CMT Digital Ventures and Kingsway Capital. Last September, the firm raised $55 million in Series C funding and was valued at around $500 million at the time.

Barhydt said while Abra has cut certain jobs the firm is still looking to hire for various roles. He declined to comment on specific functions but said around 10 positions are currently open.

US-based Abra has operations in Asia as well. Barhydt said those operations continue. "We have a large team there with staff throughout the region," he said.

Abra is the latest crypto firm to announce layoffs. Earlier Thursday, The Block reported that Hong Kong-based crypto exchange OSL has trimmed between 40 and 60 jobs, or about 15% of its workforce.

In recent weeks, several crypto firms, including Coinbase, Gemini and BitMEX, have all slashed their workforces.


© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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