Share this article
Fidelity International-Backed Exchange OSL Cuts Workers Amid Crypto Winter: Bloomberg
Hugh Madden, CEO of OSL's parent company, cited current market conditions.
By Nelson Wang
Updated May 9, 2023, 4:06 a.m. Published Jan 17, 2023, 2:12 p.m.
CORRECTION (Jan. 18, 23:33 UTC): Corrects headline, first graph to say OSL is backed by Fidelity International, not Fidelity Investments.
Fidelity International-backed crypto exchange OSL is cutting staff and reducing its overall costs by about a third in another example of a major crypto firm retrenching, according to a report from Bloomberg on Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The exchange, which was Hong Kong's first licensed cryptocurrency exchange, declined to say how many positions were cut.
The move to reduce costs was due to “current market conditions” and “included headcount reduction,” Hugh Madden, CEO of OSL’s parent company, BC Technology Group, said in a statement to Bloomberg.
OSL didn't immediately respond to a request for comment.
The job cuts follow a string of recent layoff announcements at major crypto firms. Crypto brokerage Blockchain.com cut its staff by 28% last week, crypto exchange Coinbase announce cuts of 20% of its staff, or around 950 jobs, and Ethereum development firm ConsenSys plans to lay off 100 or more. CoinDesk estimates nearly 27,000 jobs have been lost across the industry since last April.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
A16z Crypto to Open Seoul Office, Hire Sungmo Park to Lead Asia Efforts
Andreessen Horowitz's crypto venture capital unit pointed to high levels of crypto ownership in South Korea and Singapore, and growing onchain activity in Japan.
What to know:
- Venture fund a16z crypto is opening its first office in Asia, located in Seoul, and named Sungmo Park to lead it.
- The Seoul office aims to build partnerships and accelerate community growth across the region.
- South Korea's active onchain community and developer ecosystem probably influenced the fund's decision to choose Seoul over other Asian financial hubs.
Top Stories
