Cryptocurrency custodian Copper intends to lay off up to 15% of employees amid difficult market conditions. This is reported CoinDesk.
The company currently employs just over 300 people. According to the representative of the company, the process of reductions is just beginning and it is impossible to name a specific number of those who fell under the optimization.
“After the FTX situation, the demand for collateral management solutions has skyrocketed. The moment has come when it is necessary to make business scalability a top priority and focus on the sources of income that matter most to us,” said Dmitry Tokarev, CEO of Copper.
Company last week refused from his corporate project to develop software for banks and funds. Instead, Copper will focus on institutional custodial product ClearLoop.
“Given the current difficult conditions in the crypto market, the volatile regulatory environment in the US, and the desire to focus on strategic offerings, the company intends to optimize the business,” the statement said.
Tokarev predicts that by the end of the current quarter, ClearLoop will provide access to approximately 30% of the total liquidity of the crypto market, as more exchanges integrate into the project. By the end of the year, this figure should rise to 50%, said the head of Copper.
Previous cuts were reported by Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno, Matrixport, Chainalysis, Bittrex, Messari and other crypto companies.
According to a report from CoinGecko, 2,806 people lost their jobs in digital currencies in January. 84% of layoffs were on crypto exchanges.
Recall that in May 2022, Copper launched an institutional NFT custody service.
Later it became known that the British financial conglomerate Barclays acquired a stake in the custody company.
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