Robinhood to Reduce its Workforce by 23, Citing Broad Crypto Market Crash

The Co-Founder and CEO of Robinhood – Vlad Tenev – said the company will lay off approximately 23% of its staff due to the adverse ongoing macroeconomic conditions, including the record inflation in the US and the meltdown of the cryptocurrency sector. Those events have reduced customer trading activity and assets under custody. The California-based investing and trading platform – Robinhood – was among the entities in the crypto world that had to lay off some of their staff this year because of the bear market and the subsequent adverse consequences. In April, the firm let go of 9% of its full-time employees.