Cryptocurrency custody provider Copper said up to 15% of its staff face redundancy as the firm streamlines its business amid tough market conditions affecting the crypto industry.

Copper currently employs a little over 300 staff. The redundancy process is just starting and the company could not put an exact number on job losses, a spokesman said.

The crypto bear market is forcing firms like Copper to scale back operations, leading to thousands of job losses. Last week Copper said it was shelving its enterprise software business, which included cutting ties with global custody bank State Street. Instead it is focusing on its “off-exchange” ClearLoop settlement network, which removes the need to deposit and leave digital assets on an exchange ahead of trading. The network is used by over 400 clients including the likes of Paradigm, Nickel Digital Asset Management and Gate.io.

(By Ian Allison, Will Canny)