Robinhood Fires 23% of its Workforce to Optimize Costs

Many crypto companies have been forced to cut some of their staff over the past few months.

The fall in the market has reduced the number of users of Bitcoin platforms and has had a negative impact on the financial performance of the business. Industry giants such as the Gemini and Crypto.com were on the list of companies that laid off most of their employees.

Now Robinhood has added to this list, as the company has fired 780 managers and other specialists. As a result, the staff of the company has decreased by 23%, the broker CEO Vlad Tenev has announced.

According to a letter sent to the company’s staff, the Robinhood team has grown significantly in the past year.

The company has increased the number of products for users, so it has actively recruited new people. However, the market crash in 2022 has drastically worsened Robinhood’s financial health.