Ongoing challenges in the digital assets market, including regulatory uncertainty, have prompted Los Angeles-based cryptocurrency hedge fund Arca to lay off 30% of its staff, according to a report by CoinDesk.
Ongoing challenges in the digital assets market, including regulatory uncertainty, have prompted Los Angeles-based cryptocurrency hedge fund Arca to lay off 30% of its staff, according to a report by CoinDesk.
The report quotes a spokesperson for the firm as saying: “Growth has been hard to predict in this extended bear market and uncertain regulatory environment. Our headcount adjustment will allow us to preserve capital and resources giving us a greater chance of success until this sector experiences a shift in sentiment and a clear regulatory picture.”
Arca, which was founded in 2018 and raised $10 million in a Series A funding round in 2021, currently has 66 employees, according to LinkedIn. The firm has two separate divisions – investment arm Arca Investments, and Arca Labs, which focuses on innovation.
