Nydig, the cryptocurrency technology firm capitalising on the institutional embrace of bitcoin, has laid off more than 100 people – about a third of its workforce – according to the Wall Street Journal.
Staffers were told of the cuts at the end of September, just days before CEO Robert Gutmann and president Yan Zhao quit the firm, according to the Journal, citing sources.
The cuts were made to lower overheads and refocus the company’s business direction, say sources.
Less than a year ago Nydig raised $1 billion at a $7 billion valuation but since then it has had to face up to the crypto winter and wider economic downturn bites.
It is far from the only firm in the sector it take the axe to staff this year: Bitpanda cut around 25% of its workforce, Coinbase 18%, BlockFi 20%, Crypto.com five per cent and Gemini 10%.