New York Digital Investment Group (NYDIG) has laid off about 100 people or about 30% of its staff.
According to sources, the cuts have continued for “several weeks”. According to the Wall Street Journal, 110 employees have lost their jobs.
A former NYDIG employee has said:
“It’s like the desk mentality where no one talks to anyone. You can disappear and no one will know about it for several months.”
The platform raised an industry-record $1 billion at a $7 billion valuation in December. It closed a $200 million funding round in March and raised another $100 million from insurance companies a month later.