OSL, a regulated cryptocurrency trading platform in Hong Kong, has become the latest firm to downsize its business structure as the crypto market is preparing for another round of turmoil.
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As per a report by Bloomberg, the firm is cutting costs by a third as a response to "current market conditions." It is unclear, how many jobs have been reduced.
Backed by Fidelity Investments, OSL obtained a license from Hong Kong’s Securities and Futures Commission in August 2020 to operate a brokerage and automated trading services for crypto investors.
In early January, Coinbase said it would lay off another 18% of staff (950 employees) to weather the crypto market downturn. Coinbase's boss, Brian Armstrong, said that the company hopes to reduce operating expenses down by 25% in Q1. However, the US-based crypto exchange projects that the layoffs will cost it between $149 million and $163 million.
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