Mike Novogratz’s Crypto Investment Firm Lays Off 15% of its Workforce

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Per the latest report, Mike Novogratz’s cryptocurrency merchant bank, Galaxy Digital laid off 15% of its workforce which are almost 13 members from across all business divisions.

It was reported by the people close to the matter, stating that the layoff occurred from all of its New York-based business divisions including trading, asset management, advisory services, and principal investments. However, the good news for the firm is that no business line was disconnected despite the layoff.

Interestingly, one source familiar with the situation said that the company is currently open to hire candidates for several positions. It is further stated that the company is looking for prospects from recruiters, inbound inquiries and networking. However, the new decision to shrink the workforce from its team isn’t the new either, in fact, it is the company’s standard year-end activity, sources noted.

Moreover, the ex-official of Galaxy Digital shared his view on recent cut and elaborated that the firm has had high expectations on the digital asset markets while hiring people. Perhaps, the market’s bleeding value was the key reason why the firm later realized it had overbuilt.

Nevertheless, the current trading volume of Bitcoin and other altcoins appears to be on a new bull rally. Consequently, Bitcoin has recovered almost 40 percent of its value this year, gaining back fifty percent of its peak value. At the time of reporting this, the largest cryptocurrency, Bitcoin is trading at $10, 277 against USD.

Besides Galaxy Digital, ConsenSys was recent in a list that slashed 40 percent of its staff. Noticeably, the company’s major restructuring was the key reason behind lay off. More so, previous reports revealed that the ConsenSys has shut down its operation in the Philippines and India.

More Galaxy Digital Asset, the company is yet to witness the profit as it has experienced net loss from $68 million from $77 million in 2019 and 2018 respectively. Besides digital asset portfolios, the firm holds a potential portion in high profile companies including futures market Bakkt, Crypto lender BlockFi, Ripple, Ciphertrace and financial entity Silvergate Bank.

Tabassum Naiz: Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital, and cryptocurrency blogs.