Copy link
Increase text size
Decrease text size
Link copied

Crypto investment firm Galaxy Digital lays off 15% of its workforce

Image by Galaxy Digital

Fri, 14 Feb 2020, 11:03 am UTC

Crypto investment firm Galaxy Digital, founded by Wall Street veteran Michael Novogratz, has laid off 13 people which is about 15% of its workforce, CoinDesk reported.

Sources familiar with the matter told the news portal that the layoffs have happened across all business divisions – asset management, trading, principal investments, and advisory services. However, none of the divisions has been discontinued.

Nearly 80 people are now left on staff. A source revealed that the company has already begun the process of hiring for several open positions. That said, none of these job postings have been listed on the firm's LinkedIn page yet. The sources said that the layoffs were nothing but a “standard year-end” activity.

Another insider, a former employee, revealed that the firm hired people anticipating a rapid growth of digital asset markets. However, with the actual growth turning out to be less than expected, Galaxy Digital realized that it was overstaffed.

Novogratz reportedly had mentioned the cuts in a meeting to kick off the year.

Galaxy Digital was founded in 2018 but has yet to make consistent profits. Its net loss dropped to $68 for the third quarter of 2019 from $77 million in the previous year. The firm made $58 million in profit for its first nine months last year.

Blockchain startup ConsenSys also recently cut down its workforce by 14%. The layoff followed the company’s decision to shut down its operations in India and the Philippines in December 2019.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.04.29 02:49:29
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you ............:::..:.............
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $10,946.80 (-0.25%)
  • Ethereum (ETH) $381.57 (-0.44%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $230.47 (-1.82%)
  • Binance Coin (BNB) $26.96 (-1.05%)
  • Bitcoin (BTC) $10,946.80 (-0.25%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.