Disinterest in cryptocurrencies: the American online brokerage platform Robinhood licenses 750 people

US online brokerage platform Robinhood is to lay off 23% of its staff, or more than 750 people, as interest in the stock market and cryptocurrencies has largely declined from the boom seen during the pandemic.

Last year, we created on the assumption that the appetite for the stock market and cryptos seen in the Covid era would continue into 2022.boss Vlad Tenev explained in a letter to employees posted on the company’s blog.

The California-based company had already fired about 9% of its workforce at the end of April, after seeing the number of active users deactivated by 8% between the third and fourth quarters of 2021. It also indicated that it would focus on cost control.

It was not enough“, notes Vlad Tenev in his missive translated to “Robin Hoods” (them “Robinhoodians“, pun between Robin Hood and “hoodie“, which means hoodie).

Since then, we have seen the macroeconomic environment deteriorate even further, with inflation at a 40-year high accompanied by a crash in the crypto market.“, he details. “This further reduced our customer base and assets under our control.

The platform, which went public a year ago, retains around 2,600 employees, after having dismissed some 1,100 people in all.

This second wave of layoffs will concern all trades, but primarily operations and marketing, said the boss.

According to its quarterly earnings release on Tuesday, the service had around 15 million monthly active users at the end of June, 28% less than a year ago. Its turnover plunged by 44% over one year.

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