NYDIG, the bitcoin trading and banking firm, laid off about a third of its workforce last month, people familiar with the matter said.
Company executives informed employees affected by the job cuts, which numbered around 110, on Sept. 22, the people said. Employees were told the firm was seeking to trim expenses and narrow its focus to more-promising businesses, the people said.
The cutbacks came less than two weeks before NYDIG announced publicly that it had replaced its top two executives. On Oct. 3, NYDIG said that Chief Executive Robert Gutmann and President Yan Zhao had stepped down from their roles. The executives, who will remain with NYDIG parent Stone Ridge Holdings Group, were replaced by Tejas Shah, formerly head of institutional finance, and Nate Conrad, global head of payments, respectively.
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