Robinhood, the crypto and equities brokerage firm, has laid off around 7% of its workforce, which amounts to approximately 150 employees. This move comes as the company faces declining trading activity and a less enthusiastic user base compared to the meme stock frenzy days. The layoffs were made to adjust to lower trading volumes and to better align team structures. This is not the first time Robinhood has reduced its workforce, as it had previously cut over 1,000 employees in two layoffs last year. In terms of cryptocurrency, Robinhood reported a 30% year-on-year decline in crypto trading revenue in May. Additionally, the firm recently ended support for certain cryptocurrencies, including Solana and Cardano, which could further impact its crypto trading volumes. The entire crypto market has seen decreased trading volumes, resulting in reduced profits for companies facilitating trading. However, the recent filing for a spot bitcoin ETF by BlackRock has sparked a rally and slightly increased trading volumes.
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