Nydig releases a third of his staff: report
Nydig releases a third of his staff: report
- Although Nydig collected hundreds of million dollars for his institutional Bitcoin fund, it has released a third of its employees
- The company had raised $ 1 billion in October last year with an assessment of $ 7 billion $
The crypto investment management and trading company Nydig released more than a third of its employees, although it had collected hundreds of million dollars for its Bitcoin fund in the early this month.
According to a report of the LinkedIn profile nydigs number of employees is estimated at around 286.
Blockworks tried to contact the trading company, but did not receive an answer until the time of going to press.
Although Nydig had replaced his CEO Robert Gutmann and President Yan Zhao in early October, Nydig said that his Bitcoin bales had reached an all-time high in the third quarter.
Although it seems that the record balance had little influence on the company's decision to reduce the number of employees. The company was on a fixed ground at the end of 2021 when it ended a financing round of $ 1 billion with an assessment of $ 7 billion.
Tejas Shah and Nate Conrad are the youngest who take on the functions of the CEO or the president of Nydig. Both Gutmann and ZHAO will continue to work at the company's $ 12 billion, Stone Ridge Holdings, which they founded together with Ross Stevens in 2012.
nydig also collected $ 720 million for his institutional Bitcoin Fund with contributions from 59 investors.
The cryptoma markets remain on shaky legs after the consequences of the credit crisis at the beginning of this year. This event, triggered by the decline of the Terra ecosystem, has wiped billions of dollars from the market, which repeatedly tested the highest stalls of the 2017 bull market cycle.
Like others,nydig tries to navigate through a rough lake, since private investors and institutional investors pursue a risk averse approach for apparently risky digital assets.
Bellwether crypto-bitcoin fell to almost $ 20,000 from $ 69,000 in November last year.
nydig was founded in 2016 and outsourced in an independent unit in 2017. His main task was to "make Bitcoin accessible to everyone" by offering banks, fintech companies, investment managers and institutions technology and financial services solutions.
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The article Nydig releases a third of his staff: the report is not a financial advice.
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