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. READ MORE : https://www.arabnews.com/node/2135181/business-economy