Markets
• February 14, 2020, 7:13AM EST
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Crypto investment bank Galaxy Digital has shaved 15% of its global workforce, according to a CoinDesk report.
Led by former Fortress Investment Group trader Michael Novogratz, the firm has struggled to turn a profit since its founding. CoinDesk reported the cuts were part of "standard year-end activity."
13 people were laid off as part of the cuts, leaving a staff of around 80. Publicly listed, the company's stock is up 27% since the beginning of the year — lagging behind the performance of the spot cryptocurrency market.
The company's operations spans trading, asset management, and advisory businesses.
About Author
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter.
He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email
[email protected].
