Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
AQRU PLC said on Wednesday it has identified an opportunity to cut its employee base to 25% of its current level, as part of its strategy to streamline its cost base.
The London-based decentralised finance incubator said the move would allow it to reduce its monthly overhead by 65% and is further to the company’s strategy announced on July 29, including the rationalisation of suppliers and intention to reduce the number of staff.
It said the move followed an operational review designed to make the company leaner and more efficient amid volatile conditions in cryptocurrency and digital assets markets.
AQRU also announced it is reducing the yields offered by its wholly owned subsidiary Accru Finance Ltd to a maximum of 3% on its Maple product, while Bitcoin and Ethereum deposits will no longer accrue interest.
The changes will become effective immediately and are in line with a low-risk approach, said AQRU.
It said its other operating businesses continue to perform in line with expectations, despite challenging market conditions.
AQRU shares were flat at 0.74 pence each in London on Wednesday afternoon.
Copyright 2022 Alliance News Limited. All Rights Reserved.