Digital asset management platform Abra laid off 12 people “just to save money”. The company’s CEO, Bill Barhydt, told The Block.

According to him, the optimization affected about 5% of the entire workforce of the platform. The chief executive added that the decision did not affect Abra’s plans to recruit further.

Barkhidt did not specify what kind of specialists the company needs. There are about 10 vacancies currently open, he added.

Abra is one of the veterans of the cryptocurrency industry. The firm has been in business since 2014 and initially offers a money transfer app between the Philippines and the United States.

In the fall of 2015, Abra received $12 million in funding, including from American Express Ventures.

Later, the company expanded its geography: it entered the US market in 2016 and after a while added the option to invest in traditional financial instruments with bitcoin and other cryptocurrencies.

In May 2020, Abra received $5 million in funding from the Stellar Development Foundation.

In September 2021, the platform closed a $55 million Series C funding round with participation from Blockchain Capital, Kingsway Capital, Stellar Development Foundation, and others.

Recall that state optimization was also announced at the parent company of BitMEX, Robinhood, Gemini, Bitso and Brazilian Mercado Bitcoin exchange.

Coinbase will reduce staff by about 18%, and blockchain platform BlockFi by 20%.

In June, Crypto.com CEO Chris Marszalek announced plans to lay off about 260 employees.

According to some reports, Bybit and Huobi will also cut staff by 30%, and regulated bitcoin exchange OSL has decided to lay off between 40 and 60 professionals.

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