Bitcoin (BTC) financial services group Unchained Capital has announced that it has laid off 15 percent of its employees.
The crypto bear market, which has lasted for months and recently intensified, has left many companies under its influence. The crypto industry has experienced a serious retreat, especially in the last six months of the year. On the US side, rising inflation and interest rate increases were cited as factors. Then, the collapse of the crypto currency exchange FTX and the announcement of its bankruptcy put the final point. Corporate companies are working hard to stay afloat under the influence of the process. One of these companies, Unchained Capital, has announced that it has started layoffs.
Unchained Capital Is Worried About Sustainability
Financial services company Unchained Capital has begun layoffs, citing the current crypto bear market.
The company’s CEO, 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, it was announced that the company’s loan book was oversecured with a collateral-to-principal money ratio of 214 percent.
The company stated that it will ensure the rights of its employees in all these processes and provide the necessary conditions.
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