Crypto trading and banking firm NYDIG has laid off about a third of its employees.
With the decline in the crypto market, this year companies established to serve both digital currencies and these markets have entered a difficult process. Some of the biggest crypto companies, including Genesis Global Trading, Coinbase, and BlockFi, had to say goodbye to their staff. Even a step further, some companies such as Celsius Network and Voyager Digital filed for bankruptcy.
Number of Employees Decreased 33 Percent at NYDIG
Crypto investment firm NYDIG laid off about a third of its staff in September, the Wall Street Journal reported.
According to the report, NYDIG informed about 110 people about the layoffs on September 22. In the information directed to the employees, it was stated that this decision was made to reduce costs and to focus the company more on promising businesses.
NYDIG, which replaced its two top executives two weeks ago, did not specify why the firm changed its top executives. According to the company statement, it is on track to record revenue this year, with first-half sales increasing 130 percent.
Ross Stevens, founder of NYDIG, said of the company:
“The firm’s balance sheet is the strongest ever and we are now investing aggressively in a capital-starved market”
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