Joe Kelly, CEO of Bitcoin financial services outfit Unchained Capital, said the company will reduce its staff by “roughly 15%” as part of efforts to manage the business during the current crypto bear market.
Unchained Capital’s job cuts are due to constraints in funding for bitcoin-backed loans, Kelly said in a note shared on Friday. These constraints, he noted, are part of a general drawdown occasioned by the year-long crypto bear market. Despite these issues, the Bitcoin lender's CEO said its loan book is still over-collateralized, with a collateral-to-principal ratio of 214%.