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Usha Yadav
Oct 14, 2022
by Usha Yadav

Crypto Broker NYDIG Lays Off One-Third of Staff to Narrow Focus

NYDIG

Table of contents

  1. NYDIG Lays Off One-Third of Staff
New York Digital Investment Group (NYDIG), a crypto trading and banking organization, has been laying off employees—up to one-third of its workforce as the bear market intensifies. Employees were informed that the company was "trying to slash expenses and concentrate its emphasis on more-promising industries," according to a WSJ report from October 13.

NYDIG Lays Off One-Third of Staff

The study also stated that since September, 110 people have been affected by job cuts. The company disclosed replacing its top two executives a fortnight before the layoffs. On October 3, NYDIG announced that President Yan Zhao and Chief Executive Officer Robert Gutmann had resigned.

The executives were replaced by Tejas Shah, formerly the head of institutional finance, and Nate Conrad, the global leader of payments. The executives will continue to work for NYDIG parent Stone Ridge Holdings Group. NYDIG failed to mention the most recent layoffs and explain why the company changed its top executives. According to a company statement, sales rose by 130% in the year's first half, putting it on track to set a record for revenue.

Ross Stevens, NYDIG’s founder, said, “The firm’s balance sheet is the strongest it’s ever been, and now we’re investing aggressively into a capital-starved market.”

New York Digital Investment Group

Established in 2017 as New York Digital Investment Group, NYDIG provides institutional investors with bitcoin trading, brokerage, custody, and asset management services. The business received $1 billion in capital in December, valuing it at around $7 billion. The purchase of $100 million in bitcoin by Massachusetts Mutual Life Insurance Co. a year prior was made possible by NYDIG, underscoring the growing interest in cryptocurrencies among traditional financial institutions.

MassMutual received a $5 million minority stock investment in NYDIG as part of that deal. This crypto winter has seen layoffs at several other businesses, including Coinbase, Gemini, Robinhood, Immutable, Celsius, Crypto.com, and BlockFi.

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New York Digital Investment Group NYDIG Robert Gutmann Crypto Broker
Crypto Broker NYDIG Lays Off One-Third of Staff to Narrow Focus
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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