CoinDesk Lays Off Over 40% of Editorial Staff
- Digital Currency Group (DCG) is laying off staff as the company tries to ensure that its expenses-to-profit ratio looks better for potential acquirers.
- CoinDesk’s editorial team is being cut by almost 45%, or 20 people, which represents 16% of its overall workforce.
- In July, The Wall Street Journal reported that DCG was nearing an almost $125 million deal to sell a stake in CoinDesk led by investor Matthew Roszak.
Background on Digital Currency Group
Digital Currency Group (DCG) is a prominent company in the cryptocurrency industry, known for its investments and support of various blockchain and digital currency ventures. However, the company found itself in trouble following the collapse of FTX and, most recently, legal troubles with a US-based crypto exchange Gemini.
Details of Layoffs
CoinDesk CEO Kevin Worth explained that this decision “was a required step to ensure a financially sound business moving forward and to set us on the path to close the deal to sell CoinDesk Inc.” In an internal memo reviewed by TechCrunch , Worth noted “this is an incredibly difficult message to send to everyone over email.”
