Nydig, the cryptocurrency expertise agency capitalising on the institutional embrace of bitcoin, has laid off greater than 100 individuals – a couple of third of its workforce – in keeping with the Wall Avenue Journal.
Staffers had been informed of the cuts on the finish of September, simply days earlier than CEO Robert Gutmann and president Yan Zhao give up the agency, in keeping with the Journal, citing sources.
The cuts had been made to decrease overheads and refocus the corporate’s enterprise route, say sources.
Lower than a 12 months in the past Nydig raised $1 billion at a $7 billion valuation however since then it has needed to resist the crypto winter and wider financial downturn bites.
It’s removed from the one agency within the sector it take the axe to workers this 12 months: Bitpanda reduce round 25% of its workforce, Coinbase 18%, BlockFi 20%, Crypto.com 5 per cent and Gemini 10%.