Crypto hedge fund Arca has laid off 30% of its employees.

BlockBeats News reported on June 6th that Arca has laid off 30% of its employees, citing the prolonged crypto winter and regulatory uncertainty. An Arca spokesperson stated, "In this long bear market and uncertain regulatory environment, growth is hard to predict. Arca's personnel adjustment will enable us to preserve capital and resources, giving us a greater chance for success until the industry experiences a sentiment shift and clear regulatory situation." According to LinkedIn data, Arca currently has 66 employees. The company was founded in 2018 and raised $10 million in Series A funding in 2021. It has two independent departments, Arca Investments for investment management and Arca Labs for innovation.