Fidelity-backed Exchange ‘OSL’ Reduces Headcount Amid Sluggish Market

  • The company did not disclose how much percentage of its workers were let go.
  • OSL is backed by Fidelity, which is a behemoth in the asset management industry.

After many months of volatility in the cryptocurrency market, the Hong Kong-based digital asset exchange OSL has decided to slash its operating expenses by around a third. This involves reducing the size of the personnel; however, the company did not disclose how much percentage of its workers were let go.

Along with providing software solutions for institutional customers, OSL also offers trading and custody services for cryptocurrencies. According to Bloomberg, Hugh Madden, the Chief Executive Officer of the parent company of OSL, BC Technology Group, said in a statement on Tuesday that the exchange reduced expenses as a result of “current market conditions,” which included “headcount reduction.”

Industry-Wide Layoffs

This particular exchange is by no means the only one to use such measures. NFT Marketplace OpenSea let go of twenty percent of its workers in the month of July, while Crypto.com only this past week let go of twenty percent of its workforce.

During this cycle, Coinbase has conducted two rounds of layoffs that are broadly equal to one another. The first round took place in June, and the second round took place earlier this month.

The so-called “crypto winter” persisted into the second half of 2022, bringing with it a precipitous decline in the value of crypto assets and many high-profile bankruptcies. The most notable one was the competitor exchange FTX, which went out of business in November and whose demise is still causing shockwaves across the market.

OSL is backed by Fidelity, which is a behemoth in the asset management industry and has introduced a number of products connected to investing in Bitcoin and Ethereum. 

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.