Unchained Capital, a bitcoin-native financial services company, has announced the reduction of its workforce by nearly 15% due to the market downturn. Joe Kelly, co-founder, and CEO of the Austin-headquartered company said it is not impacted by the fall of Alameda Research and FTX as it had no exposure to these companies.
“Our focus on bitcoin, self-custody, and eliminating or limiting counterparty risk means we find ourselves in an unparalleled position in a market where nearly every other lending institution has fallen,” Kelly said in a blog posted on the company site on Friday.
Kelly mentioned the company is seeing a record number of new clients and bitcoin deposits. He also underscored that Unchained has not incurred a loss on its lending portfolios despite all the volatility in the crypto market and its loan book is overcollatraized at a 214% collateral-to-principal ratio.
“We are proud to be a beacon of education, safety, and security for our clients amidst the current storm—ever focused on our mission of empowering our clients to truly own their wealth,” he said in the blog.
Talking about the lay-off decision he said that some of the hires made during the bull market are not sustainable in the current market situation.
Kelly also announced the transition of Parker Lewis, Head of Business Development, to the Board of Directors, and Will Cole, Chief Product Officer, to Senior Advisor of the company.
