Crypto asset supervisor Osprey Funds, which manages the Osprey Bitcoin Belief (OBTC), is working with lower than 10 workers after layoffs, Yahoo Finance reported on Jan. 9 citing sources acquainted with the matter.
The crypto product issuer laid off 15 workers and have become the most recent to chop jobs amid the bear market. Osprey Funds CEO Greg King informed Yahoo:
“Osprey had layoffs final summer season and fall aligned with the downturn within the crypto market, nonetheless Osprey stays sturdy.”
The crypto product issuer had 22 workers listed on its web site in April final yr. By mid-August, Osprey was working with 19 workers, which was additional minimize down to simply 4 executives by finish of November, Yahoo Finance reported.
The layoffs had been undertaken as a result of the corporate did not launch a hedge fund in August, the supply informed Yahoo Finance.
Osprey has round $67.6 million in property beneath administration throughout its BNB, Polygon, Algorand, and Polkadot trusts. OBTC had $46.9 million in property beneath administration as of Jan. 6.
Job cuts throughout the board
Round 9,500 crypto professionals misplaced their job in 2022, in keeping with The Block Analysis. This consists of layoffs by well-known gamers, reminiscent of Crypto.com, Coinbase, Kraken, and Robinhood.
Crypto layoffs are half of a bigger development of job cuts throughout tech companies. Information from layoffs.fyi signifies that tech firms minimize 151,600 jobs final yr. Crypto layoffs accounted for six.2% of the full layoffs within the tech trade, The Block Analysis reported.
The layoff spree is continuous in 2023, with embattled crypto lender Genesis shedding 30% of its workforce final week.
Crypto trade Huobi, which laid off 300 workers in 2022, introduced plans to cut back its workforce by one other 20%.
