While the company has no exposure to FTX, the extended Bitcoin bear market is taking a toll on parts of the business.Read MoreCoinDesk
Unchained Capital reduced its workforce by about 15% and moved its head of business development Parker Lewis to the board of directors as well as chief product officer Will Cole to a senior advisory role.
In a blog post discussing the jobs cuts, co-founder and CEO Joe Kelly said on Friday that while Unchained has never had exposure to FTX, Alameda, or any other institutions which have lost client funds, “funding for bitcoin-backed loans has been materially constrained by recent market events.”
He noted that his company is seeing record numbers of new clients, bitcoin deposits and trading volumes, and the loan book currently has a 214% collateral-to-principal ratio.
“We have admittedly made mistakes along the way,” wrote Parker Lewis in a separate blog post discussing the moves. “Despite having weathered every storm without incurring a loan loss, we expanded the team quicker than we otherwise would have had we better accounted for the current market environment.”
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin Magazine Bitcoin Magazine Books Opens 333-Copy Genesis Book Collector Edition for 3rd Anniversary Bitcoin…
Bitcoin Magazine Strive (ASST) Posts $474.8 Million Common Net Income as Bitcoin Yield Hits 63.2%…
Bitcoin Magazine Argentine Bitcoiners Debut “The Genesis of Satoshi Nakamoto” Artwork in Downtown Buenos Aires…
Bitcoin Magazine Bitcoin Price Holds Near $75,000 After Hot October Jobs Report U.S. employers added…
Bitcoin Magazine Binance Hackers Swap About $50 Million of Stolen XRP Mostly Into Bitcoin, Elliptic…
Nasdaq 100 futures were higher by 1.5% following Thursday's 5.5% rout. Japan's Nikkei and Korea's…