Robinhood layoffs 7% of staff as support for Cardano, Solana, Polygon ends

Robinhood layoffs 7% of staff as support for Cardano, Solana, Polygon ends 2023-06-27 05:12:55 ET The renowned trading company Robinhood will reportedly reduce its full-time staff by 7% (about 150 individuals) in its latest round of employee discharge. Meanwhile, the current move comes as the brokerage ends support for Cardano , Solana , and Polygon . As invezz.com reported , Robinhood revealed plans to delist the top altcoins as of June 27, citing regulatory concerns. The Securities & Exchange Commission named Cardano, Polygon, and Solana securities in its recent clampdowns. Robinhood layoffs JUST IN: #Robinhood to fire 7% of full-time staff in latest round of layoffs. — Breaking Whale (@BreakingWhale) June 27, 2023 Breaking Whale tweeted that Robinhood is cutting its full-time staff by 7%. The layoff will see 150 employees leaving the company. Meanwhile, that comes as the leading broker encounters increasing challenges because of reduced revenue and monthly active users. Cardano, Solana, Polygon face selloff pressure from Robinhood Robinhood confirmed plans to review its asset index after the SEC sued Coinbase and Binance. While the move encountered notable backlash from the cryptocurrency community, the commission-free trading platform maintained its stance. Users will not access Cardano, Solana, and Polygon pairs as of June 27. Robinhood users have trimmed their holdings within the past two weeks. That has led to reduced trading volumes and platform users. Further, CFO Jason Warnick reportedly revealed that the firm’s latest job cuts were to align team structures amid deteriorated activities. The broker will sell MATIC worth $15 million, $30 million in ADA, and Solana worth $25 million. Robinhood crypto manager Jump Trading will liquidate the remaining asses after 6:59 pm ET today (June 27). Cardano, Polygon, and Solana have underperformed since Robinhood’s announcements early in June. ADA traded at $0.27 at press time, dropping over 3% within the past day. MATIC and SOL lost 2% and 3%, respectively, to $0.65 and $16.46 during this publication. The post Robinhood layoffs 7% of staff as support for Cardano, Solana, Polygon ends appeared first on Invezz . Invezz June 27, 2023 - 2:12 AM PDT News by QuoteMedia www.quotemedia.com