According to four persons with knowledge of the situation, the bitcoin services provider NYDIG has laid off about 100 employees.
According to three persons with knowledge of the situation, the company has reduced its employees by about 30% during the previous few weeks.
One insider claimed that the layoffs had been ongoing for "many weeks."
The layoffs were initially reported by The Wall Street Journal late on Thursday, who put the number at 110 workers.
An ex-NYDIG employee told CoinDesk, "It's like a trading desk mindset where nobody talks to anyone."
NYDIG raised $1 billion in funding in late 2021 to create a Bitcoin platform suitable for institutional use.