Blackbird-backed local crypto exchange CoinJar has cut around 20% of its staff amid the ongoing fallout of US rival FTX.
Around 10 staff were let go at the Melbourne-based fintech, which pioneered the Australian exchange sector a decade ago.
“Like many companies we’ve had to right-size parts of the business in response to poor market conditions,” CoinJar CEO Asher Tan said.
Last month in a statement Tan said CoinJar “held a small account balance with FTX to facilitate our OTC trading desk operations and client trades”, but it represented less than 1% of our gross assets and did not include any customer funds.
“Appropriate hedging activities have been conducted to ensure that there is no further impact to our balance sheet. We have no exposure to FTT or Alameda Research,” he wrote.