The online broker Robinhood will cut about 7% of its staff. According to The Wall Street Journal, citing an internal company memo.
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The decision will affect around 150 employees. This will mark the third wave of layoffs at Robinhood in the past year.
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As of the end of 2022, the company employed 2,300 people. The headcount has fallen by more than 1,000 positions.
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\”Staffing optimization is necessary to adapt to the volumes of operations and to better align the team structure\”, the statement said.
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As of June, the volume of cryptocurrency trading on the company’s platform was 68% below the levels seen in the corresponding period in 2022 ($2.1 billion).
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Earlier ForkLog reported that in the first quarter of 2023, Robinhood’s revenue from cryptocurrency operations plunged by 30%.
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From June 27, the online broker will discontinue support for the cryptocurrencies Cardano,Polygon andSolana.
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Earlier this week, Robinhood agreed to acquire the X1 platform, which issues a free cashback credit card. The deal is expected to cost about $95 million.