Robinhood laid off staff to adjust to an environment of low trading activity, according to an internal memo penned by chief financial officer Jason Warnick.
Citing an internal memo penned by chief financial officer Jason Warnick, the firm laid off staff to adjust to environment of low trading activity.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Crypto and equities brokerage firm Robinhood has laid off about 7% of its staff, according to a report by The Wall Street Journal.
To be sure, Robinhood isn't alone. A relatively somnolent crypto market has resulted in lower trading volumes across the board, which in turns means less profit for companies facilitating trading. Thefor crypto exchange volumes is hovering below $20 billion — sharply down from an all-time high of over $150 billion. Still, BlackRock's filing for a spot bitcoin ETF has kicked off a rally that's helped to elevate volumes slightly.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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