Bitcoin Company NYDIG Lays Off About A Third Of Its Workforce: Report

ndtv.com:

NYDIG did not immediately respond to a Reuters request for comment.(Representational)

Bitcoin company NYDIG laid off about a third of its workforce last month to cut costs, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

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 Sept. 22, weeks before replacing its top two executives, the WSJ reported.

NYDIG did not immediately respond to a Reuters request for comment.

Earlier this month, NYDIG appointed Tejas Shah as its chief executive officer and Nate Conrad as president. The company said its bitcoin balances almost doubled from a year earlier to hit all-time highs in the third quarter.

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.

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