About one-third of the staff at bitcoin investing firm NYDIG were let go in September.
According to the article, NYDIG informed approximately 110 individuals of the layoffs on September 22. The cuts were implemented to save costs and concentrate on vital business areas, it was said.
On October 3, NYDIG said that it had changed up its management team, with Tejas Shah and Nate Conrad taking over for outgoing CEO Robert Gutmann and president Yan Zhao, respectively. At Stone Ridge Holdings Group Gutmann and Zhao will continue to work there.
“Shah and Conrad will focus on accelerating NYDIG’s investment in its industry-leading mining solutions franchise serving the largest North American miners and in its platform technology business, helping banks and non-bank enterprises utilize the Lightning Network for next-generation wallets and global payments” NYDIG said at the time of the reshuffle.
Additionally, The third quarter had record bitcoin balances. The business reported that revenues had increased by 130% through the second quarter and that it anticipated significant gains in the third. Ross Stevens, the founder and executive chairman of NYDIG, said the company was “today investing aggressively into a capital-starved sector” and that its balance sheet was “the healthiest it’s ever been.”
After Gutmann, Zhao, and Stevens launched Stone Ridge Holdings Group in 2012.
Several other cryptocurrency businesses, including NYDIG, have also announced layoffs and the resignation of senior executives as the market for the sector remains in a bad market. Since August, executives have started departing their positions in large numbers, and businesses including Indian cryptocurrency exchange WazirX and cryptocurrency market maker GSR have lately announced layoffs.
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