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Crypto Winter Cuts Jobs Amid Falling Market, Binance Sees Opportunity

• Fidelity Investments-backed crypto exchange OSL has announced plans to cut down its workforce in order to reduce overhead costs and stay afloat.
• Other exchanges, such as Silvergate, Coinbase, ConsenSys, Huobi, Crypto.com, Wrye, Genesis and SuperRare, have also been reported to have downsized their staff.
• Binance, however, has announced that it currently has 700 open job positions.

The crypto winter continues to take its toll on the industry as Fidelity Investments-backed crypto exchange OSL has announced plans to lay off a portion of its employees. The Hong Kong-based exchange joins a growing list of companies struggling to stay afloat amid the bearish market conditions.

OSL, which provides digital asset services to institutional and high net worth investors, has yet to comment on the exact number of layoffs, but Hugh Madden, CEO of OSL’s parent company BC Technology Group, stated to Bloomberg that the company was looking to reduce overhead costs.

Silvergate, another crypto-related company, recently saw its shares plummet by 46% and subsequently announced it would be cutting 40% of its workforce, equating to 200 workers. US-based exchange Coinbase also took the same route, announcing the layoff of 950 employees due to skyrocketing expenses. Ethereum-focused ConsenSys is also considering slashing out 100 workers in response to the current market anxiety.

Other exchanges, such as Huobi, Crypto.com, Wrye, Genesis and SuperRare, have all had to downsize their staff in order to remain operational.

On the other hand, Binance has remained optimistic, announcing 700 open job positions across various fields, such as account management, software development, and blockchain evangelism.

It is clear that the crypto winter is having a lasting impact on the industry, but with the continued development of blockchain technology, it could be possible for the market to recover in the future.