The bitcoin trading and banking firm, NYDIG has laid off about a third of its workforce last month. According to a WSJ report, on September 22, the company’s executives informed approximately 110 employees who would be affected by the job cuts.
Employees were told that the company was trying to cut costs and concentrate on more viable ventures. The cutbacks came right after two weeks of NYDIG announcing publicly that it had replaced its top two executives. NYDIG didn’t specify publicly about the recent layoff.
The company was on pace for record revenue during the first half of this year, with sales up 130%. Ross Stevens, NYDIG’s founder, said, “The firm’s balance sheet is the strongest it’s ever been, and now we’re investing aggressively into a capital-starved market.”