Unchained Capital reduced its workforce by about 15% and moved its head of business development Parker Lewis to the board of directors as well as chief product officer Will Cole to a senior advisory role.

In a blog post discussing the jobs cuts, co-founder and CEO Joe Kelly said on Friday that while Unchained has never had exposure to FTX, Alameda, or any other institutions which have lost client funds, "funding for bitcoin-backed loans has been materially constrained by recent market events."

He noted that his company is seeing record numbers of new clients, bitcoin deposits and trading volumes, and the loan book currently has a 214% collateral-to-principal ratio.