DeFi incubator AQRU announces job cuts
AQRU plc, an incubator specialising in opportunities in decentralised finance, today announced it has conducted an operational review designed to make it a more efficient business amid the volatile conditions in the cryptocurrency and digital assets markets.
Further to the Company’s measures to streamline its cost base announced in July, which included the rationalisation of suppliers and reducing the number of staff, AQRU has identified an additional opportunity to strengthen its balance sheet by downsizing its employee base to 25% of its current size. This will enable the Company to reduce its monthly overhead by 65%.
Also today, the company announced that yields offered by Accru Finance Ltd, AQRU’s wholly owned subsidiary, on its cryptocurrency trading app, are being reduced to a maximum of 3 per cent on its Maple product. Bitcoin and Ethereum deposits will no longer accrue interest.
These changes will become effective immediately and are in line with the company’s low-risk approach.
The company is considering all strategic options with regard to its investment in the AQRU app.