US trading platform Robinhood is laying off almost one quarter of its staff amid concerns related to the country’s economic conditions and the cryptocurrency market. The job cuts reportedly come after the firm’s revenues plummeted by 44%. The company will apparently lay off roughly 23% of its employees as part of a wider restructuring plan.

Tech firms suffer as pandemic continues

Robinhood has suffered a series of declines in recent years, as rising interest rates and decades-high inflation have left many customers wary of buying stocks and cryptocurrencies. Other tech firms, including Netflix, Google and Meta, have also struggled in the wake of the ongoing pandemic.

UK investors should hold off on crypto and stock investments

Across the board, investors are speculating that the markets could face a difficult period in the years to come as the cryptocurrency bubble continues to burst. For those hoping to invest in stocks and cryptocurrencies in the UK, it could be advisable to hold off on any major investments until a clearer picture of the market reveals itself.

Read More Here https://www.theguardian.com/us-news/2022/aug/02/robinhood-lay-offs-crypto-crash

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