Crypto agency Nydig is shedding a 3rd of its workforce

Nydig, the cryptocurrency expertise agency that has benefited from the institutional embrace of bitcoin, has laid off greater than 100 individuals — a few third of its workforce — in response to the Wall Avenue Journal.

Staff had been notified of the layoffs in late September, simply days earlier than CEO Robert Gutman and President Yang Zhao left the agency, in response to the Journal, citing sources.

The cuts had been made to cut back overhead prices and reorient the corporate’s enterprise course, sources stated.

Lower than a 12 months in the past, Nydig raised $1 billion at a $7 billion valuation, however has since confronted the crypto winter and broader financial downturns.

It’s removed from the one agency within the sector to rent workers this 12 months: Bitpanda reduce about 25% of its workforce, Coinbase 18%, BlockFi 20%, 5 p.c and Gemini 10%.

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