Bitcoin Broker NYDIG Lays Off 110 Employees To 'Trim Expenses:' WSJ

Bitcoin BTC/USD trading platform NYDIG laid off about a third of its employees on Sep. 22, which numbered around 110, according to a report by the Wall Street Journal.

What Happened: The company executives told the laid-off employees that it took the decision to cut down on expenses and to focus on more businesses, the WSJ report said.

NYDIG CEO Robert Gutmann and President Yan Zhao stepped down from their roles on Oct. 3 — replaced by Tejas Shah and Nate Conrad, respectively.

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The company said its sales grew by 130% during the first half of 2022. “The firm’s balance sheet is the strongest it’s ever been, and now we’re investing aggressively into a capital-starved market,” said Ross Stevens, NYDIG’s founder, as quoted by WSJ.

NYDIG, found in 2017, offers Bitcoin trading, brokerage and asset management services to institutional investors. 

NYDIG’s Bitcoin balances hit all-time highs in the third quarter, up 100% year-over-year.

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