Robinhood Plans to Fire 7% of its Full-time Employees

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Robinhood has announced that approximately 150 employees will be laid off in their third wave of layoffs in over the past year.

This comes as part of the company’s “staff optimization” plan to better accommodate for the lower volume of operations seen since the end of 2022.

At that time, the firm employed 2,300 specialists, meaning they have reduced the staff by more than 1,000 positions.

The Wall Street Journal writes about this, citing an internal message which explained the decision.

The company will also be ceasing to support Cardano, Polygon and Solana cryptocurrencies starting June 27. Additionally, Robinhood is in the process of purchasing the X1 platform, which issues a free credit card with cashback, for around $95 million.