Cryptocurrency exchange OSL cuts staff by 30%

Hong Kong-based cryptocurrency exchange OSL, backed by Fidelity, announced a reduction in staff in order to reduce operating costs.

Hugh Madden, CEO of OSL parent BC Technology Group, said the decision to cut costs and headcount was made due to “current market conditions”. He emphasized that this is a purely forced measure caused by the impact of the crypto winter and the sudden collapse of FTX.. Fidelity International and the administration of the OSL exchange declined to specify exactly which positions were reduced.

Job cuts at OSL follow a string of recent announcements of staff layoffs at major companies in the industry. Last week, announced a 28% reduction in staff, Coinbase a 20% reduction, and ConsenSys plans to lay off 100 or more people.. CoinDesk estimates that the industry lost about 29,000 jobs between April last year and January this year.