Bitcoin (BTC) financial services group Unchained Capital has announced that it is laying off 15 percent of its employees.
The crypto bear market, which has been going on for months and has been intensifying recently, has left many companies under its influence. The crypto industry has experienced a serious pullback, especially in the last six months of the year. On the US side, increasing inflation and interest rate hikes were cited as factors. Then, the collapse of the crypto money exchange FTX and its accompanying bankruptcy put the end to the end. Corporate companies work hard to survive under the influence of the process. One of these companies, Unchained Capital, announced that it has started layoffs.
Unchained Capital Concerned About Sustainability
Financial services firm Unchained Capital has begun layoffs, citing the current crypto bear market.
The CEO of the company, Joe Kelly, reported that the company will lay off 15 percent of its staff as part of its efforts to manage the business during the crypto bear market.
Kelly attributed the layoffs to restrictions on funding for Bitcoin-backed loans. The company’s CEO cited these restrictions as a result of the crypto bear market.
But despite all these restrictions and layoffs, the company’s loan book was declared over-collateralized with a collateral-to-principal ratio of 214 percent.
The company stated that it will ensure the rights of its employees and provide the necessary conditions in all these processes.
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