Fidelity-Backed Exchange OSL Cuts Workers Amid Ongoing Crypto Winter: Bloomberg

Fidelity-backed crypto exchange OSL is cutting staff and reducing overall costs by about a third in yet another example of a crypto firm retrenching, according to a report from Bloomberg.

The exchange, which was Hong Kong’s first licensed cryptocurrency exchange, declined to say how many positions were cut.

The move to reduce costs was due to “current market conditions” and “included headcount reduction,” the CEO of OSL’s parent company BC Technology Group, Hugh Madden, said in a statement to Bloomberg.

OSL did not immediately respond to a request for comment.

The OSL cuts follow a string of recent layoff announcements at major crypto firms. Crypto brokerage Blockchain.com cut staff by 28% last week, while previously, crypto exchange Coinbase announce cuts of 20% of its staff, or around 950 jobs, and Ethereum development firm ConsenSys plans to lay off 100 or more staffers. CoinDesk estimates nearly 27,000 jobs have been lost across the industry since April of last year.

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