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Home Gadgets Bitcoin firm NYDIG lays off about a third of employees: report

Bitcoin firm NYDIG lays off about a third of employees: report

Bitcoin company NYDIG laid off a few third of its workforce final month to chop prices, the Wall Avenue Journal reported on Thursday, citing individuals accustomed to the matter.

NYDIG, a unit of Stone Ridge Holdings, operates a full-stack bitcoin platform which delivers the cryptocurrency throughout industries together with monetary know-how, insurance coverage and banking.

The corporate laid off round 110 individuals on Sept. 22, weeks earlier than changing its high two executives, the WSJ reported.

NYDIG didn’t instantly reply to a Reuters request for remark.

Earlier this month, NYDIG appointed Tejas Shah as its chief government officer and Nate Conrad as president. The corporate stated its bitcoin balances virtually doubled from a yr earlier to hit all-time highs within the third quarter.

Final yr, NYDIG raised $1 billion in a funding spherical led by enterprise agency WestCap with participation from present investor Bessemer Enterprise Companions, valuing the bitcoin firm at greater than $7 billion.

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