Cryptocurrency broker NYDIG has laid off 110 employees to focus more on "more-promising businesses," the Wall Street Journal has learned, citing sources close to the firm.
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The number reportedly represents a third of NYDIG's workforce, the report says. As of press time, NYDIG made no official comments regarding the matter. What is the reason behind the layoffs remains unclear, but the move comes shortly after NYDIG's CEO, Robert Gutmann, and President, Yan Zhao, left their roles.
Earlier, NYDIG's founder, Ross Stevens, reassured investors about the firm's financial state, saying that NYDIG's balance sheet is the "strongest it's ever been, and now we’re investing aggressively into a capital-starved market."
In December, NYDIG raised $1 billion at a $7 billion valuation from WestCap, Morgan Stanley, New York Life, FinTech Collective and others. The New York-based firm said it wanted to use the raised capital to further develop an institutional-grade bitcoin (EXANTE: Bitcoin) platform.
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