NYDIG Lays Off Around 110 Employees Amid Crypto Winter

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  • A number of big crypto firms have already announced layoffs this year.
  • New leadership at NYDIG includes Tejas Shah as CEO.

NYDIG announced in January that it had secured $1 billion at a valuation of over $7 billion. With the intention of expanding its institutional-grade Bitcoin platform to include Lightning Network payments, asset tokenization, and smart contracts.

The New York Digital Investment Group (NYDIG), which provides several Bitcoin-related services, reportedly let off nearly a third of its staff, as reported by The Wall Street Journal on Thursday, citing sources familiar with the situation.

It was reported on September 22 that around 110 workers were laid off from the NYDIG as a result of the personnel reduction. It has been said that the company is trying to cut costs and concentrate on its most lucrative operations.

Change of Top Leadership

According to a recent SEC filing, NYDIG raised $720 million from 59 investors for its Institutional Bitcoin Fund. The company also announced last week that it would prioritise expanding its Bitcoin mining business to serve miners in North America.

Due to the steep drop in cryptocurrency value and soaring inflation. A number of big crypto firms have already announced layoffs this year. Despite this, NYDIG is certain that its financials are “the strongest it’s ever been.” Citing the fact that its Bitcoin holdings reached an all-time high in the third quarter. Increasing by roughly 100 percent from the same period last year.

NYDIG was established in 2017, and it operates under Stone Ridge Holdings. To institutional investors, the company provides trading, brokerage, custody, and asset management services for Bitcoin. New leadership at NYDIG includes Tejas Shah as CEO and Nate Conrad as president, who took over after Robert Gutmann and Yan Zhao resigned on October 3.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.