Abra, a crypto trading and lending platform, slashed a dozen jobs this week, two sources familiar with the matter told The Block.
When contacted, Abra CEO Bill Barhydt confirmed the layoffs to The Block, saying that the firm has cut 12 jobs “purely as a cost-saving measure.” That translates to around 5% of the total workforce, he added.
Founded in 2014 by Barhydt, California-based Abra provides a crypto platform for both individual and institutional clients with services such as trading, lending and borrowing.
Abra is backed by venture capital investors, including Blockchain Capital, CMT Digital Ventures and Kingsway Capital. Last September, the firm raised $55 million in Series C funding and was valued at around $500 million at the time.
Barhydt said while Abra has cut certain jobs the firm is still looking to hire for various roles. He declined to comment on specific functions but said around 10 positions are currently open.
US-based Abra has operations in Asia as well. Barhydt said those operations continue. “We have a large team there with staff throughout the region,” he said.
Abra is the latest crypto firm to announce layoffs. Earlier Thursday, The Block reported that Hong Kong-based crypto exchange OSL has trimmed between 40 and 60 jobs, or about 15% of its workforce.
In recent weeks, several crypto firms, including Coinbase, Gemini and BitMEX, have all slashed their workforces.