Fidelity-backed OSL latest crypto outfit to slash workforce: Bloomberg
TL;DR OSL, a digital-assets platform backed by Fidelity, has cut costs by about 30%, including "headcount reduction," according to CEO Hugh Madden. The exact number of positions eliminated was not disclosed. This announcement follows similar layoffs at other crypto firms such as Crypto.com, Coinbase, Genesis, Huobi and Silvergate this month.
Fidelity-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.
In 2022, OSL cut 15% of its workforce, between 40 and 60 people.