By Michael Scott
The Hong Kong-based crypto exchange OSL has announced layoff plans citing the prolonged crypto winter. The firm disclosed its plans to reduce the operation cost, impacting the reduction of the existing workforce.
OSL Unexpected Layoffs
OSL is a crypto trading platform that offers multiple custodial services and software solutions for institutional and retail customers. Primarily, OSL is a fidelity-backed crypto exchange known for exceptional asset management services and has launched crypto-related assets linked to leading crypto Bitcoin and Ethereum.
The 2022 crypto winter has influenced OSL to reduce a third of its operating cost to sustain its operations in a turbulent crypto market.
On January 17, BC Technology Group OSL affiliated company chief executive Hugh Madden announced that the OSL decision aimed to reduce costs. Madden argued that layoff was the only option left for the distressed OSL to survive the ongoing crypto winter.
Meanwhile, the number leaving OSL is still uncertain. The troubled crypto firm has remained silent concerning the matter.
Increasing Layoffs in Crypto Exchanges
In 2022, the crypto market resurgence attempts gained no positive impression dragging the value of crypto assets to hit rock bottom. Last November, the Bahamas now- bankrupt crypto exchange FTX led other high-profile crypto exchanges to liquidity crutches.
The crypto hemisphere has been the center of attention from the bleeding crypto market and ailing crypto exchanges.
Recently, crypto exchange layoffs have been hitting the headlines citing the troubled crypto market. A few days ago, Singapore-based crypto exchange Crypto.com announced a 20% reduction in the workforce. The announcement corresponds to the OpenSea layoff report that impacted a 20% staff reduction in July 2022.
As the crypto empire anticipates the first appearance of the bulls this year, leading crypto exchanges are not exempted from slashing the workforce.
Despite Coinbase dismissing more than 60 employees in November last year, the firm has announced a similar move this month to reduce costs. A report shared by the Coinbase team on January 10 confirms that a fifth of the employees, which translates to 950 employees, will be leaving the company soon.
Presently, the New York-based blockchain company ConsenSys has announced cutting 96 employees to reduce expenses and cope with the changes in the crypto world.