Wall Street

Robinhood lays off almost a quarter of staff as crypto crash continues

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City AM

By Hamza Fareed Malik Trading platform Robinhood cut about 23 per cent of its staff as the crypto crash persisted and economic outlook dampened. The company, which enables crypto trading, had previously laid off 9 per cent of its staff to manage costs. The layoffs follow other crypto companies cutting staff as the “crypto winter” causes prices of major cryptocurrencies to drop. “We have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash,” CEO Vlad Tenev said as he took responsibility for the decision. “This has fur…

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