About 45 people will lose their jobs at the company, which was worth more than $1 billion a year ago.
TrueLayer, an open banking startup in London, said it will lay off 10% of its staff because of “challenging market conditions.” LinkedIn says that TrueLayer has 443 workers, which means that about 45 people will be affected.
The company told its employees about the news at an all-hands meeting on Thursday. On Friday, a blog post told the public about it.
TrueLayer is a company that helps bridge the gap between fiat currencies and cryptocurrencies. It does this by giving infrastructure to companies like Revolut, which offers banking services, and MoonPay, which lets people buy and sell cryptocurrencies.
Last September, Tiger Global and Stripe led a funding round in which TrueLayer raised $130 million at a valuation of over $1 billion.
In the blog post, TrueLayer CEO Francesco Simoneschi said, “It’s natural to wonder what’s changed in the past year.” “We now work in a very different environment and in a more difficult market. Even though TrueLayer is in a strong position, it is not safe from these bigger issues.”
The layoffs are part of a larger trend in the crypto industry during this long bear market. TrueLayer joins OpenSea, Coinbase, Blockchain.com, and Gemini, among others, in cutting a lot of staff.