US trading platform Robinhood has reportedly cut its workforce for the third time due to a decline in cryptocurrency trading activities and customer demand for its services. The company let go of 150 employees, representing 7% of its full-time workforce. The layoffs affected staff in customer trust and safety, customer experience and platform shared services, and safety and productivity. The cuts were carried out to adjust to volumes and align team structures, according to the company’s CFO. This is the third round of layoffs for Robinhood, with over 1,000 workers being let go in total by the end of the year. The company has experienced reduced customer engagement and a decline in its crypto trading volume. In Q2 2021, Robinhood had over 21 million monthly active users, which dropped to 11 million in May 2023. Robinhood has recently announced that it will discontinue support for certain cryptocurrencies due to the SEC’s clampdown on centralized exchanges.
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