Arca layoffs — Jun 6, 2023

Arca to Lay Off 30% of Staff on June 6, 2023

Crypto hedge fund Arca said on June 6, 2023, that it will lay off 30% of its staff. The company did not disclose the number of jobs affected.

Arca is a fintech and crypto investment firm focused on digital assets. The layoff announcement adds to a broader wave of workforce reductions across the crypto industry, which has faced pressure from market conditions.

The company cited market-related reasons for the cuts. No additional details were provided in the source about the specific factors behind the decision, and no direct quotes from company officials were included.

Arca did not share a forward-looking hiring or restructuring plan in the source material. Based on the available information, the company’s announcement was limited to the size of the reduction and the general market context.

Sources: Google News