He added: "It's for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success." Several other cryptocurrency firms have announced restructurings in recent weeks, in a clear sign that the industry is still under significant pressure, even though bitcoin (BTC) and other digital asset prices have partially rebounded in 2023. Coinbase, Silvergate Capital, Huobi Global and Genesis have all announced job cuts this month.