NYDIG laid off a third of its workforce last month resulting in the loss of about 110 jobs at the bitcoin trading and banking firm.
NYDIG switching its focus toward more promising businesses means job cuts.last month, people familiar with the matter told the Wall Street Journal.The cutbacks came less than two weeks before NYDIG announced it had replaced its top two executives. On Oct. 3, NYDIG said that Chief Executive Robert Gutmann and President Yan Zhao had stepped down from their roles, although they will remain parent company Stone Ridge Holdings Group.
They were replaced by Tejas Shah, formerly head of institutional finance, and Nate Conrad, global head of payments, respectively.The reason for the executive changes was not disclosed. NYDIG didn’t specify in its statement why the firm was swapping out its top executives, and didn’t note the recent layoffs.
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