OSL, a digital-assets platform backed by Fidelity International, is cutting costs by about a third as turbulence in crypto markets continues to reverberate throughout the industry.

The decision to cut costs was made in response to “to current market conditions” and included “headcount reduction,” Hugh Madden, chief executive officer of OSL’s parent company BC Technology Group said in a statement on Tuesday. Hong Kong-based OSL declined to disclose how many positions it cut.