Copper, a cryptocurrency custody provider, has announced that up to 15% of its employees will be laid off as the company streamlines its operations in the face of difficult market conditions affecting the crypto industry.
Copper currently employs a little over 300 staff. The redundancy process is just getting started, and the company could not provide an exact number of job losses, according to a spokesman. The crypto bear market is forcing companies like Copper to reduce their operations, resulting in the loss of thousands of jobs. Copper announced last week that it was discontinuing its enterprise software business, as well as its relationship with global custody bank State Street. Instead, it is concentrating on its ClearLoop “off-exchange” settlement network, which eliminates the need to deposit and leave digital assets on an exchange prior to trading.