Cryptocurrency Investment Firm Galaxy Digital Silently Axes 15 Percent of Workforce 

Galaxy Digital, the cryptocurrency investment and merchant bank established by billionaire Mike Novogratz, has cut 15 percent of its entire staff. 

According to a report published earlier this week by CoinDesk, the firm made a move under the radar, initiating the job cuts as early as last month. The news source explained that the cuts were across the board, essentially meaning that the firm was still able to keep all of its divisions operational. 

Bitcoin’s Performance Let Galaxy Digital Down 

Citing a source who once worked at the firm, CoinDesk explained in its report that Galaxy Digital had gone on a hiring spree with the expectations that the digital asset would achieve a specific level of growth to help it keep costs down. However, given the effects of 2018’s crypto winter and the fact that the market stalled for a bit after rebounding in mid-2019, it would seem that the firm’s bet didn’t quite pay off. 

The market has been able to pick up this year as well, with…