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Hong Kong-based cryptocurrency exchange OSL, backed by Fidelity, announced staff cuts to reduce operating costs.
CEO of BC Technology Group,parent company OSL, Hugh Madden, said the decision to cut costs and headcount was made due to "current market conditions". He emphasized that this is a purely necessary measure caused by the impact of the crypto winter and the sudden collapse of FTX. Fidelity International and the administration of the OSL exchange refused to clarify which positions were reduced.
Job cuts at OSL followa series of recent announcements of staff layoffs in large companies in the industry. Last week, Blockchain.com said it would cut its workforce by 28%, Coinbase announced a 20% cut, and ConsenSys plans to lay off 100 or more people. CoinDesk estimates that the industry lost about 29,000 jobs between April last year and January this year.
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