Unchained Capital Lays off 15% of Workforce, Seeks to Restructure Management

Unchained Capital reduced its workforce by about 15% and moved its head of business development Parker Lewis to the board of directors as well as chief product officer Will Cole to a senior advisory role.

In a blog post discussing the jobs cuts, co-founder and CEO Joe Kelly said on Friday that while Unchained has never had exposure to FTX, Alameda, or any other institutions which have lost client funds, "funding for bitcoin-backed loans has been materially constrained by recent market events."

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He noted that his company is seeing record numbers of new clients, bitcoin deposits and trading volumes, and the loan book currently has a 214% collateral-to-principal ratio.

"We have admittedly made mistakes along the way," wrote Parker Lewis in a separate blog post discussing the moves. "Despite having weathered every storm without incurring a loan loss, we expanded the team quicker than we otherwise would have had we better accounted for the current market environment."