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Crypto Broker NYDIG Has Laid Off A Third of Its Employees

Published 10/14/2022, 09:29 AM
Updated 10/14/2022, 09:30 AM
Crypto Broker NYDIG Has Laid Off A Third of Its Employees

  • NYDIG is laying off one-third of its employees.
  • This comes after the company changed its CEO and President.
  • The company says its BTC holdings have reached all-time highs.

According to a report in the Wall Street Journal, the Bitcoin company NYDIG fired around a third of its workers at the end of the previous month. The process of laying off staff has been going on for many weeks, bringing the total to 110 workers.

The full-stack Bitcoin platform that NYDIG manages offers cryptocurrency to a variety of businesses, including the financial technology industry, the insurance industry, and the banking industry.

Executives Robert Gutmann and Yan Zhao announced their departure earlier this month, and the business has since named Tejas Shah CEO and Nate Conrad president, respectively. In its statement, NYDIG did not disclose the reason the company was switching out its senior executives, nor did it mention the recent layoffs that had taken place. The report from WSJ did not delve into this matter either.

The business said that its Bitcoin holdings had reached all-time highs during the third quarter, almost doubling from the same period a year earlier.

The Bitcoin company was valued at more than $7 billion after it completed a financing round in which it raised $1 billion last year. The investment round was headed by venture capital firm WestCap and included participation from previous investor Bessemer Venture Partners.

The funding is necessary to construct an institutional-grade Bitcoin platform, which the company termed “Bitcoin for all.” It was intended to link to financial institutions such as banks and credit unions in order to provide easier access to cryptocurrencies for retail banking clients.

The post Crypto Broker NYDIG Has Laid Off A Third of Its Employees appeared first on Coin Edition.

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