Hong Kong Crypto Exchange OSL cuts jobs

Hong Kong based crypto exchange
OSL, has become the latest crypto exchange to cut jobs.

The company has trimmed between 40 and 60 jobs, or about 15% of its workforce, The Block reports.

An OSL spokesperson confirmed the layoffs, without commenting on the specific numbers.

Besides operating an exchange in Hong Kong, OSL also provides SaaS solutions from Singapore. BC Technology Group (BC Group), a Hong Kong public company, is the parent company of OSL.

The OSL spokesperson added that the company has “adjusted our business model to renew our focus on SaaS, and professional and institutional counterparts.”

The spokesperson stressed that the jobs cuts are not due to OSL’s exposure to any troubled crypto firms or tokens, including staked ether (stETH) and TerraUSD (UST).

OSL’s parent BC Group is backed by high-profile investors, including Fidelity International and GIC, a Singaporean sovereign wealth fund.

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