Fidelity-backed OSL cuts staff amid crypto winter

Hong Kong-based Fidelity Investments-backed crypto exchange OSL has joined the list of exchanges cutting down workforce to reduce overhead costs and stay afloat. 

Although the OSL didn’t immediately respond to requests for comments, Hugh Madden, CEO of OSL’s parent company, BC Technology Group, in a statement to Bloomberg, said that the major reason for the retrenchment is due to the severe effects of the crypto winter. 

Other exchanges are cutting staff too 

After Silvergate shares plummeted by 46%, the company stated on Jan.6 announced that it would retrench 40% (the equivalent of 200 workers) of its workforce to stay afloat in business. 

On Jan.10, Coinbase, a leading US-based crypto exchange, through its CEO and Co-founder Brian Armstrong, announced the layoff of about 950 employees, adding to the 1,100 who were retrenched in 2022. 

Brian Armstrong cited skyrocketing expenses as the major reason for its layoffs; however, he reiterated the exchange’s commitment to providing quality service amidst the current market anxiety. 

It was reported on Jan.11 that the New York-based ConsenSys web3 company is contemplating the possibility of slashing out 100 workers from its team amidst gloomy market conditions. 

Notable crypto platforms like Huobi, Crypto.com, wrye, Genesis and SuperRare have also been reported to have downsized their staff.

Surprisingly, Binance announced on Jan.3 that it currently has 700 open job positions. The key areas of its job demand focus on account managers, software developers, blockchain evangelists, and many others.