Robinhood layoffs 7% of staff as support for Cardano, Solana, Polygon ends

June 27, 2023 02:12 AM PDT | By Invezz

Robinhood layoffs

JUST IN: #Robinhood to fire 7% of full-time staff in latest round of layoffs.
— Breaking Whale (@BreakingWhale) June 27, 2023

Breaking Whale tweeted that Robinhood is cutting its full-time staff by 7%. The layoff will see 150 employees leaving the company. Meanwhile, that comes as the leading broker encounters increasing challenges because of reduced revenue and monthly active users.

Cardano, Solana, Polygon face selloff pressure from Robinhood

Robinhood confirmed plans to review its asset index after the SEC sued Coinbase and Binance. While the move encountered notable backlash from the cryptocurrency community, the commission-free trading platform maintained its stance. Users will not access Cardano, Solana, and Polygon pairs as of June 27.

Robinhood users have trimmed their holdings within the past two weeks. That has led to reduced trading volumes and platform users. Further, CFO Jason Warnick reportedly revealed that the firm’s latest job cuts were to align team structures amid deteriorated activities.

The broker will sell MATIC worth $15 million, $30 million in ADA, and Solana worth $25 million. Robinhood crypto manager Jump Trading will liquidate the remaining asses after 6:59 pm ET today (June 27).

Cardano, Polygon, and Solana have underperformed since Robinhood’s announcements early in June. ADA traded at $0.27 at press time, dropping over 3% within the past day. MATIC and SOL lost 2% and 3%, respectively, to $0.65 and $16.46 during this publication.

The post Robinhood layoffs 7% of staff as support for Cardano, Solana, Polygon ends appeared first on Invezz.

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