Proactive Investors - Aqru PLC (AQUIS:AQRU), an incubator specialising in opportunities in decentralised finance, said it has conducted an operational review designed to make it a leaner, 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 on 29 July, which included the rationalisation of suppliers and reducing the number of staff, AQRU said it 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%, it noted.
Furthermore, 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% 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, it added. All customer assets currently held in the AQRU platform are protected and available for withdrawal as normal.
The company said it is considering all strategic options with regard to its investment in the AQRU app.
Despite the challenging market conditions, the company noted that it's other operating businesses continue to perform in line with expectations.
"Given recent market turmoil and the call for transparency and increased regulation across the digital asset industry, we remain well-positioned to capitalise on this shift," AQRU concluded.