STOCK MARKET NEWS: Futures rise, bank earnings on tap, Crypto broker announces cuts

Crypto broker NYDIG cuts one-third of staff in new focus

NYDIG switching its focus toward more promising businesses means job cuts.

The bitcoin trading and banking firm laid off about a third of its workforce last month, people familiar with the matter told the Wall Street Journal.

The cutbacks came less than two weeks before NYDIG announced 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, although they will remain parent company Stone Ridge Holdings Group.

They were replaced by Tejas Shah, formerly head of institutional finance, and Nate Conrad, global head of payments, respectively.

The reason for the executive changes was not disclosed.

A company statement said it was on pace for record revenue this year, with sales up 130% during the first half.

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