2020-2-14 02:15 |
Galaxy Digital, the crypto merchant bank founded by Michael Novogratz, has laid off 13 people, roughly 15 percent of its workforce, people familiar with the situation said.
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Mike Novogratz’ Galaxy Digital announced a workforce cut of 13 employees in the coming days, as the company faces challenges on its profits table. The news comes at a time the cryptocurrency market is booming with Bitcoin (BTC) having breached the psychological resistance at $10,000 USD.
2020-2-14 17:57 | |
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“Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC’s abuse of power and Congress’s inability to rectify the problem,” founder and CEO Joe Lubin said in a blog post.
The company cited macroeconomic headwinds limiting the company's ability to drive revenue as a reason for the cuts.
Nevada regulators recently ordered the crypto company, which BitGo had planned to buy, to cease operations and noted a shortfall in customer funds.
Alejandro Navia, President of NFT Now, tweeted that the Web3 publication had “over-hired.” Meanwhile, another founder of NFT Now’s Twitter was hacked over the weekend.
Binance has stopped offering certain benefits to its employees on June 19 as the company’s profits continue to decline, according to former employees and internal company messages viewed by the Wall Street Journal.
Binance has laid off over 1,000 workers globally in recent weeks, the Wall Street Journal reported.
Dapper Labs made prior cuts in February and November.