- The trading platform has reduced the amount of workload
- So they don’t need the old staff
Crypto exchange Robinhood reduces state by about 7%. The company announced this in an official press release. The reason for the dismissal was a decrease in the workload and operational tasks.
“We provide operational excellence in how we work together on an ongoing basis. In some cases, this may mean that teams make changes based on volume and workload.”
The Robinhood platform became popular during the past bull market. At the peak of the rise in popularity of bitcoin and other cryptocurrencies, they offered customers a convenient trading application. The largest trading volume on Robinhood was observed during the pandemic. These numbers have now dropped significantly.
However, the brand continues to make plans for development. A week ago, Robinhood announced it was buying tech company X1 Inc for $95 million. Among the reasons for the purchase, the company cited the desire to compensate for the decrease in trade through new service industries.
In its latest financial report, Robinhood’s results beat Wall Street analysts’ expectations. They showed higher revenue, in many respects this was achieved due to a sharp increase in the base rate from the Fed.
Recently, Robinhood announced that they would be reviewing their crypto services. They are carefully studying SEC complaints against Coinbase and Binance. It is possible that the company will remove coins recognized as securities from the listing.