Robinhood CEO Vlad Tenev has announced the new layoffs. The firm will cut twenty-three percent of its workforce.
The current crypto bear market continues to get worse. Some platforms have laid off some employees as users’ portfolios turn red. Q2 earnings of almost every platform associated with the cryptocurrency industry showed losses. Robinhood, a leading trading app, also reflected the view.
While Robinhood started as a stock trading app, including cryptocurrencies made the platform stand out. This year, the platform has taken a step forward and continues to expand its crypto portfolio by adding Shiba Inu (SHIB) and, more recently, Chainlink (LINK). While this was expected to increase the firm’s revenue, the thing took a turn for the worse after the cryptocurrency crash. Robinhood CEO Vlad Tenev announced that the company would lay off 2% of its employees.
“Twenty-three percent of the workforce is estimated to be around 780 employees. It should be noted that Robinhood cut its workforce earlier in 2022. Just before the first quarter earnings were announced, the firm laid off 9 percent of its workforce.”
While Robinhood is adding several cryptocurrencies to its services, the recent crash and the firm’s current state may limit the inclusion of more assets.