Robinhood will fire 23% employees against the background of a loss report – Bits Media

Popular cryptocurrency platform Robinhood has begun significant personnel changes due to the collapse of the cryptocurrency market.

Stock and cryptocurrency trading platform Robinhood will lay off nearly a quarter of its employees due to a worsening macroeconomic environment. About Co-founder and CEO of the company Vlad Tenev stated this in his blog (Vlad Tenev). The announcement comes amid news of a fine in $30 million from the New York State Department of Financial Services for alleged anti-money laundering violations, cybersecurity and consumer protection.

According to Teneva, layoffs will affect all company functions, especially during surgery, marketing and program management. Reported, that the total number of affected employees is 780 Human. Most of them will be allowed to work until 1 October with full pay and benefits, and also promise to help you find a new job.

Recall, in April of this year the company fired about 9% your staff, about 350 people. Tenev later stated, that this is not enough, to protect the company. He took full responsibility for personnel changes and dismissals..

According to the results of the second fiscal quarter, published on Tuesday, Robinhood's net revenue for the year was $318 million, What's on 44% less compared to January-June last year. The company's net loss was $295 million, last year, Truth, this indicator was at the level $502 million.

Earlier, Bloomberg reported, that cryptocurrency derivatives exchange FTX is considering buying a majority stake in Robinhood.