London-based open banking startup TrueLayer on Friday said that it will lay off about 10% of its employees citing ‘challenging market conditions.’ TrueLayer informed staff of its decision in an all-hands meeting and then put up the notice on their blog. The 10% in staff reduction will affect about 45 workers of the total 443 employees that the company has. TrueLayer last year raised $130 million in a funding round that valued the company at $1 billion. TrueLayer provides banking infrastructure to firms like Revolut which helps in bridging the gap between fiat currencies and cryptocurrencies. TrueLayer is the latest, after Coinbase and Gemini, in a long chain of staff cuts in the crypto industry due to the elongated bear market period.
