Crypto asset manager Osprey Funds lays off most of its staff: Report

Digital plus manager Osprey Funds has reportedly laid disconnected astir of its unit since the summer, underscoring the ongoing operational challenges posed by crypto’s enduring carnivore market. 

Yahoo Finance reported connected Jan. 9 that Osprey Funds is presently operating with less than 10 employees aft laying disconnected 15 unit members since the summer. CEO Greg Kling told the work that the layoffs were accordant with the marketplace downturn and that Osprey was not astatine hazard of closing operations.

Osprey offers accredited investors entree to crypto-focused concern products, including an over-the-counter Bitcoin (BTC) spot that tin beryllium purchased wrong brokerage accounts.

— Cointelegraph (@Cointelegraph) December 5, 2022

Institutional appetite for crypto products has waned importantly implicit the past year, reflecting subdued request for riskier assets successful the aftermath of tightening liquidity conditions worldwide. 2022 was the worst twelvemonth successful implicit a decennary for planetary equities and bonds, truthful it wasn’t conscionable crypto that was affected.

Nevertheless, determination are immoderate affirmative signs that organization investors are warming to crypto again. A Coinbase-sponsored survey betwixt Sep. 21 and Oct. 27 recovered that 62% of organization investors had increased their exposure to integer assets implicit the past 12 months.

Related: Huobi confirms 20% layoffs, denies insolvency rumors

Layoffs successful the crypto industry person mounted since the summer, with starring exchanges announcing occupation cuts amid declining revenues. In November, Coinbase reportedly laid disconnected much than 60 employees, specified months aft slashing 18% of its workforce. Kraken besides announced successful November that it was laying disconnected 30% of its planetary workforce.