Another Crypto Finance Firm Galaxy Digital to cut of its one-Fifth of workforce

As per the reports Galaxy Digital to cut of its one-fifth of workforce
Recently some leading crypto exchange crypto.com and BlockFi have also announced to vacant its chair from the offices
On the other hand indian crypto exchange companies are on a hiring spree

Galaxy Digital Holdings which is a limited partner in Galaxy Digital LP, a merchant banking institution dedicated to the digital assets and blockchain technology sector was founded in 2018 is the crypto-focused financial service firm is run by noted investors Michael Novogratz has been on news as the Firm has decided to cut down at least 20% of its global workforce, according to the four people who are familiar with the matter.

“While our industry continues to face macroeconomic headwinds,Galaxy remains focused on building for the future state of institutional adoption and on enhancing long-term shareholder value. We are always considering optimal team structure and strategy and will share future plans when finalized” said on of the galaxy spokesperson

In August, Galaxy reported a second-quarter net loss of $554.7 million, more than 400 employee, compared with fewer than 300 at the start of 2022

“ We are a growth company,” Novogratz said on the second-quarter earning call. Galaxy is investing in people,product and engineering teams not only for the near term, but for year to come, he said

Not only Galaxy digital but crypto winter have affected many firms roughly after the announcement of layoff from Crypto.com and BlockFi plan another global exchange Coinbase has announced to vacant it’s chairs from the offices around the globe.

As per the reports crypto exchange Crypt.com and lending platform BlockFi have planned to cut a total more than 400 jobs, on the other hand Coinbase announced to layoff as many as 1,100employees or 18 percent of its workforce on Tuesday.

On the other hand where around the globe crypto companies are looking to reduce the count of the employees because of how rough the crypto winters have been but at the same time Indian crypto exchange companies have different plans.

According to the reports India’s leading crypto exchange companies which includes CoinDCX,CoinSwitch, WazirX, Unocoin, Mudrex and Giottus there is now way that these leading companies are thinking of cutting down their staff despite the severe turmoil in the cryptos and economy.

Mudit Chauhan who is a Head HR, CoinDCX said the unicorn exchange hiring place is likely to grow for the current year. The overall headcount of the organization is projected to more than double by the end of the fiscal year to 1,000 employee

“We plan to build for scale and therefore, invest in functions that will strengthen our core. We will continue investing in resources for that” said the exchange

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing