Trading firm Robinhood Markets is set to lay off approximately 150 employees, marking the third round of job cuts in just over a year. The decision was announced by the firm’s CFO, Jason Warnick, who cited the need for adjustments to team structures. The layoffs represent around 7% of Robinhood’s total staff. The company has experienced a decline in trading activity, particularly in the crypto sector, with a 30% year-on-year decrease in crypto trading revenue reported in May. The decision to delist certain cryptocurrencies, including Solana and Cardano, may further impact Robinhood’s performance. The layoffs come after Robinhood’s recent acquisition of credit card firm X1. The company has faced challenges in recent times, with a significant decrease in active users and revenue. The broader crypto market has also experienced reduced profits due to lower trading volumes. To adapt, brokerage firms and exchanges will need to reevaluate strategies and explore alternative revenue streams. Robinhood’s recent acquisition aims to diversify its offerings and revenue sources. Despite an 18% increase in stock value since the start of the year, Robinhood shares have declined by over 82% from their all-time high in August 2021.
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