Final job cuts could be 15-20%

In response to a slowdown in the market for digital assets, Michael Novogratz launched Galaxy Digital Holdings Ltd., a provider of crypto financial services. The company is considering laying off up to 20% of its staff.

The specific strategy is open to change, and the final percentage may be between 15% and 20% of the 375 employees worldwide.

Massive job cuts in the crypto industry continue

According to Galaxy spokesman Michael Wursthorn, “although the crypto industry continues to encounter macroeconomic barriers, Galaxy remains focused on achieving a future state of institutional acceptance and generating long-term shareholder value.”

Like several of the most well-known cryptocurrencies, Galaxy shares are down 70% this year. The company’s second-quarter losses doubled from the same period last year, primarily as a result of unrealized losses on investments in digital assets.

Michael Novogratz predicted several challenging months in markets that display a significant amount of bearish prices because of inflation and geopolitical risks in an interview with Bloomberg TV.

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