Cost-cutting measures have taken over the crypto world as well. A Wall Street Journal reports says that Bitcoin company NYDIG laid off about a third of its workforce last month. NYDIG, a unit of Stone Ridge Holdings, operates a full-stack bitcoin platform which delivers the cryptocurrency across industries including financial technology, insurance and banking.
The company laid off around 110 people on September 22, weeks before replacing its top two executives, the WSJ reported.
The company had reported earlier this month that bitcoin balances almost doubled from a year earlier to hit all-time highs in the third quarter. NYDIG had also appointed Tejas Shah as its chief executive officer and Nate Conrad as president.
Last year, NYDIG raised $1 billion in a funding round led by venture firm WestCap with participation from existing investor Bessemer Venture Partners, valuing the bitcoin company at more than $7 billion.
In 2021, NYDIG raised $1 billion in funding to build an institutional-grade Bitcoin platform which it called “Bitcoin for all.” It was to connect to banks and credit unions to help retail banking customers access to the cryptocurrency. But the crypto market has suffered a jolt since then with the price of bitcoin falling to under 20,000 a coin, a 70 per cent decline from its November 2021 high of $67,500.
(With inputs from agencies)
