Amid difficult market conditions, cryptocurrency custodian Copper has announced plans to downsize up to 15% of its workforce, which stands at 300 employees.
The company CEO Dmitry Tokarev has expressed that the demand for collateral management solutions has increased, prompting the company to prioritize business scalability.
As a result, Copper has abandoned a corporate project to develop software for banks and funds, instead focusing on ClearLoop, its institutional custodial product.
The decision to reduce staff was made in light of the current challenging conditions in the crypto market, the volatile regulatory environment in the US, and the need to focus on strategic offerings.
