Robinhood disclosed on Tuesday that it’s letting go of 10% of its employees, attempting to streamline operations amid a severe downturn in crypto-related revenue.
“We cannot default to operating as a heavily-layered organization,” he said. “Our execution is strong today, but our ambitions require us to continuously raise our own bar.”
The performance highlighted the company’s lingering exposure to crypto traders who have grown less engaged amid tepid market conditions. Still, Tenev described the firm’s cuts as proactive, saying, “Robinhood’s business has never been stronger.”
A Robinhood spokesperson referred Decrypt to Tenev’s statement.
“The company is taking this action from a position of business strength,” the firm added, saying that “June month-to-date average daily trading volumes [were] at record levels across equities, options, and prediction markets.”
