, a cryptocurrency brokerage platform, has announced that it will be laying off 28% of its staff, or around 110 people, due to the crypto ecosystem facing significant headwinds and to balance product offerings with demand.

This comes after the company already laid off 150 employees in July due to a $270 million loss on loans to a failing hedge fund.

This news adds to a tough week for the cryptocurrency industry as Ethereum development company ConsenSys and cryptocurrency exchange Coinbase also announced layoffs.

On the other hand, Binance, the largest crypto exchange, plans to increase its workforce by 15-30% in 2023.