Home Business Bitcoin firm NYDIG lays off nearly a third of its employees: report

Bitcoin firm NYDIG lays off nearly a third of its employees: report

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

The Wall Street Journal reported Thursday, citing people familiar with the matter, that bitcoin company NYDIG laid off nearly a third of its workforce last month to cut costs.

NYDIG, a unit of Stone Ridge Holdings, operates a full-stack bitcoin platform that provides cryptocurrency to industries including financial technology, insurance and banking.

According to the WSJ report, the company laid off about 110 people on September 22, weeks before replacing its top two executives.

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 Konrad as chairman. The company said its bitcoin balance nearly doubled from a year ago to an all-time high 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.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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