Cryptocurrency investment management company Abra is undergoing layoffs and business restructuring

According to ChainCatcher, citing informed sources from Blockworks, crypto investment management company Abra is restructuring its business lines and considering cost-cutting measures as a buffer against the bear market. Informed sources indicate that the actions taken by Abra's senior management include layoffs in the company's sales, trading, and research departments.

Additionally, Abra plans to hire a Chief Investment Officer, and the heads of trading, credit, and asset management departments will report to the Chief Investment Officer in the future. The Chief Investment Officer's task will be to provide oversight and determine how to allocate capital to each department.

ChainCatcher previously reported that Abra announced a $55 million Series C funding round in September this year, led by IGNIA and Blockchain Capital. This funding will be used to expand the company's product and marketing teams, as well as to further develop products aimed at high-net-worth clients and institutions. (Blockworks)