Trading Platform Abra Is Latest Crypto Startup to Cut Jobs

Trading platform Abra became the latest startup to cut jobs in the digital currency industry during a worsening market meltdown.

Silicon Valley-based Abra eliminated 12 positions in its US and Asia offices, Chief Executive Officer Bill Barhydt confirmed to Bloomberg. He said the cuts affected about 5% of its workforce. The reductions follow firings at Coinbase Global Inc., Gemini Trust Co., BlockFi Inc. and Crypto.com.

The company would be shifting some of its jobs from Asia to the US, and Abra is still hiring in other positions, Barhydt said. Abra previously raised $55 million at a valuation of around $500 ...