Abra Becomes the Latest Crypto Company with layoffs of 12 employees

Abra, a crypto trading and lending platform It has laid off dozens of jobs this week. According to two sources familiar with the matter told The Block.

Abra CEO Bill Barhydt has confirmed the layoff. It said the company was laying off 12 jobs “to save costs”, which translates to about 5% of its workforce. he added

Founded in 2014 by Barhydt, Abra provides a crypto platform for individual and institutional clients with services such as trading, lending.

Abra is backed by investors including Blockchain Capital, CMT Digital Ventures and Kingsway Capital, and last September the companyhave mobilized$55 million in Series C capital and makes the company worth around 500 million dollarsat that moment

Barhydt said that while Abra had already laid off some of the jobs But the company is still looking for employment in various positions, which he declined to comment on specific duties. But it said there are currently about 10 open positions.

U.S.-based Abra is also expanding its operations in Asia, with Barhydt saying those operations are ongoing. “We have a large team. with employees across the region,” he said.

in the past few weeks Several crypto firms, including Coinbase, Gemini, and BitMEX, have all announced layoffs. to find a way to survive during the current bear market

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