CoinDesk to Cut Workforce by Almost Half

CoinDesk, a crypto news platform, is set to reduce its workforce significantly due to the finalization of a major business deal.

As per reports, CoinDesk will convene an extensive staff meeting in the near future to furnish additional information.

The media entity plans to release approximately 20 of its current editorial personnel.

The shared document, examined by Chaparro, elucidates:

The purpose of the meeting is to inform everyone that today several roles, predominantly in our media team, were impacted by a reduction in force. This is an incredibly difficult message to send to everyone over email and yet I also wanted everyone at CoinDesk to know as soon as possible what is happening today.

The decision to divest the crypto news platform, which posted approximately $15 million in Q2, 2023 revenues, arises from the financial concerns of its parent corporation, Digital Currency Group (DCG).

The crypto market's prolonged decline pushed several companies within this emerging asset domain into seeking financial safeguards.

DCG, along with some of its affiliated companies like CoinDesk and Genesis, is part of those necessitating fiscal assistance.

Coinlive previously reported how DCG is in the process of finalising a $125 million transaction involving the transfer of the crypto news platform to an investor consortium led by Tally Capital and Capital6.