Crypto Moves – Robinhood slashes 23% of workforce and fined $30m for violations

Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising by 0.01 percent to $22,847, as of 7:56 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,615 rising by 2.61 percent, according to data from Coindesk.

Robinhood to slash 23 percent of its workforce after revenue drop

As it announced its earnings a day early, Robinhood Markets Inc. reduced 23 percent of its staff due to declining trading activity and a 44 percent drop in revenue, according to Reuters.

The company was scheduled to report earnings on Aug. 3 but released them a day early after publishing a blog post about the reorganization and job cuts.

In its latest filing with the US Securities and Exchange Commission, Menlo Park, California-based brokerage reported net revenue of $318 million, down from $565 million a year earlier.

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