Crypto Exchange OSL Cuts Staff to Reduce Costs Amid Crypto Layoff Wave

Fidelity Investments-backed crypto exchange OSL is reportedly cutting staff and reducing its overall costs by about a third in another example of a major crypto firm retrenching.

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," Hugh Madden, CEO of OSL's parent company, BC Technology Group, said in a statement.

The job cuts follow a string of recent layoff announcements at major crypto firms. Blockchain.com cut its staff by 28% Last week, Coinbase announced cuts around 950 jobs, Crypto.com​ has planned to cut 20% of its workforce and ConsenSys​ planned to lay off 100 or more. Furthermore, SuperRare​, Huobi, Silvergate​ and Genesis​ had also announced their layoff earlier this month.

Source: CoinDesk