CoinDesk to lay off 45% of editorial staff amid restructuring: Report

Crypto media outlet CoinDesk is laying off 45% of its editorial staff in a sweeping restructuring move as its parent company Digital Currency Group (DCG) seeks to bring on strategic investors, according to an internal memo reviewed by The Block.

The layoffs were announced internally on Monday and will see 20 individuals, or 45% of the editorial team, let go. Overall, this represents a 16% reduction in the workforce for the company. CoinDesk’s CEO, Kevin Worth, described the decision as a “required step to ensure a financially sound business moving forward,” indicating the move is geared toward finalizing a deal to sell CoinDesk Inc.