Crypto Moves – Robinhood slashes 23% of workforce and fined $30m for violations

Crypto Moves – Robinhood slashes 23% of workforce and fined $30m for violations

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising by 0.01 percent to $22,847, as of 7:56 a.m. Riyadh time. Ethereum, the second most traded cryptocurrency, was priced at $1,615 rising by 2.61 percent, according to data from Coindesk. As it announced its earnings a day early, Robinhood Markets Inc. reduced 23 percent of its staff due to declining trading activity and a 44 percent drop in revenue, according to Reuters. The company was scheduled to report earnings on Aug. 3 but released them a day early after publishing a blog post about the reorganization and job cuts. In its latest filing with the US Securities and Exchange Commission, Menlo Park, California-based brokerage reported net revenue of $318 million, down from $565 million a year earlier. In addition to the 9 percent of full-time staff laid off earlier this year, the company will lay off 780 more employees. As part of its efforts to drive greater cost discipline, it will also change its organizational structure. Compared to the same period last year, Robinhood’s total operating expenses increased 22 percent. Approximately $30 million to $40 million will be spent on the reorganization, Robinhood said. There was a net loss