Fidelity International-backed OSL latest crypto outfit to slash workforce: Bloomberg

Finance firms • January 17, 2023, 9:18AM EST
UPDATED: January 17, 2023, 10:10AM EST
The Block

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 OSL’s parent company BC Technology Group, said in a statement on Tuesday. 

The exact number of positions eliminated was not disclosed. 

Last week, Crypto.com and Coinbase each cut 20% of staff. Genesis, Huobi and Silvergate have also announced layoffs this month. 

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In 2022, OSL cut 15% of its workforce, between 40 and 60 people.

Update: This story was updated to reflect Fidelity's full name. 


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Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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