The market downturn has hit digital asset companies across the board, and a large number have resorted to job cuts to remain viable in the current difficult market conditions.
The latest to join the lay-off bandwagon is Michael Novogratz-founded Galaxy Digital.
Lay-Off at Galaxy Digital
Media reports said the New York-based crypto financial services company is planning to reduce the headcount by up to 20%. Sources claimed that the exact number of staff to be removed had not been worked out yet, but it could be in the range of 15% to 20%. Given that Digital Galaxy has 375 employees, the affected people could be between 50 to 75.
Galaxy spokesperson Michael Wursthorn said, “We are always considering optimal team structure and strategy and will share future plans when finalized.”
Media reports suggest the crypto sector has lost over 11,000 jobs since April 2022. Almost all digital assets firms have either reduced the headcount or put a brake on fresh recruitment.
For example, Bl
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