Sources: Encryption service Abra is laying off staff and reorganizing its business

Encryption services company Abra is restructuring several of its business lines and considering cutting costs as a buffer against the bear market, Blockworks reported, citing three people familiar with the matter. The steps taken by top Abra executives include a relative number of layoffs in the company's sales, trading and research departments, the sources said. Abra also plans to create a new position for a chief investment officer, to whom the heads of Abra's trading, credit and asset management divisions will all report, who will be tasked with overseeing and determining how capital is allocated to each departments.