Robinhood lays off 7% of workforce on same day as Cardano, Polygon, and Solana delisting

CryptoSlate
CryptoSlate

27 Jun 2023 6:24 PM

The company's most recent round of layoff falls on its in-house delisting deadline for three tokens labeled "unregistered securities" in recent SEC actions....

  • Robinhood is cutting about 7% of its full-time employees, marking the company's third wave of layoffs in just over a year.
  • The decision comes as the company faces dwindling customer trading activity and follows the controversial delisting of three major cryptocurrencies.
  • Roughly 150 employees are impacted by the cut, primarily in roles related to customer experience, platform shared services, customer trust and safety, and safety and productivity.
  • The layoffs are part of an effort to "adjust to volumes and to better align team structures," according to CFO Jason Warnick.
  • Robinhood is also facing a significant drop in monthly active users and a decline in transaction-based revenue.
  • The delisting of three major cryptocurrencies could further pressure the firm's crypto trading volumes.

The article has a negative sentiment as it discusses Robinhood's layoffs, declining customer trading activity, and drop in monthly active users.

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