Galaxy Digital, a crypto-focused financial services firm, is considering laying off as much as 20% to weather the market's downturn, Bloomberg has learned, citing people close to the firm.
The number means that Galaxy Digital may lay off as many as 75 employees, however, no final decision has been made so far, the report notes. A spokesperson for Galaxy, Michael Wursthorn, said that the firm is "always considering optimal team structure and strategy and will share future plans when finalized." He added:
"While our industry continues to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption, and on enhancing long-term shareholder value."
The news comes amid litigation between Galaxy and BitGo, after the New York-based firm had backed out of its acquisition of the cryptocurrency custodian for $1.2 billion, citing BitGo's failure to deliver audited financial statements.
BitGo, in turn, filed a lawsuit against Galaxy Digital, claiming it has honored its obligations and demanding a $100 million reverse break fee.
