Crypto financial-services firm Menai Financial Group is closing its market-making business in Tokyo and London, the company said in a statement Wednesday.
The process of refocusing the group is ongoing and the business could still be sold and internal staff reallocated, according to one person with knowledge of the matter.
It isn't clear how many people will be affected by the closures.
The firm said that it continues to invest in and expand its asset-management business and that it remained a strong believer in the “disruptive promise of blockchain technology, especially as it relates to the tokenization of financial and real-world assets.
Index provider MSCI started its own set of digital-assets indexes in collaboration with Menai Financial Group and Compass Financial Technologies last November.
Menai is the latest firm to refocus its operations and cut staff amid tough crypto market conditions. CoinDesk compiled a list of industry players that have made job cuts because of the crypto winter. Based on CoinDesk’s count, an estimated 26,702 people had lost their jobs as of Dec. 9 last year.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.