Crypto market maker GSR laid off staff “as part of structural changes” in the third quarter, the company confirmed to CoinDesk, becoming the latest trading shop to downsize growth ambitions amid chilly crypto winter.

GSR cut “less than 10%” of staff, the spokesperson said; GSR’s website boasts of 300 employees globally.

“After a period of rapid expansion, our focus is on improving overall efficiency and continued development of our technology and trading capabilities,” the spokesperson said.

The belt-tightening extends a wave of layoffs that have swamped crypto exchanges, staking companies and trading houses all trying to navigate the prolonged market selloff. GSR is a liquidity provider, over-the-counter and options trading desk and investor with its finger on the pulse of those markets.

GSR is planning to build out its Investment Management arm as well, the spokesperson said.