Crypto platform Abra cut staff by about 5%

Digital asset management platform Abra has cut 12 jobs “purely for cost savings”. AboutThis company CEO Bill Barhydt told The Block.

According to him, the optimization affected about 5% of the entire workforce of the platform. The top manager added that the decision did not affect Abra's plans for further hiring.

Barkhidt did not specify what kind of specialists the company needs. There are about 10 vacancies currently open, he added.

Abra is one of the veterans of the cryptocurrency industry. The firm has been in business since 2014, initially offering a money transfer app between the Philippines and the United States.

In the fall of 2015, Abra received $12 million in funding, including from American Express Ventures.

Subsequently, the company expanded its geography:in 2016, it entered the US market, and some time later it added the option of investing using Bitcoin and other cryptocurrencies in traditional financial instruments.

In May 2020, Abra received $5 million in funding from the Stellar Development Foundation.

In September 2021, the platform closed a $55 million Series C funding round with the participation of Blockchain Capital, Kingsway Capital, Stellar Development Foundation and others.

Let us remind you that staff optimization was also announced in BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian exchange Mercado Bitcoin. 

Coinbase will cut staff by about 18%, blockchain platform BlockFi by 20%.

In June, Crypto.com CEO Chris Marszalek announced plans to lay off about 260 employees. 

According to some reports, Bybit and Huobi are also going to cut staff by 30%, and the regulated bitcoin exchange OSL decided to lay off 40 to 60 specialists.

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