- The media company will lay off 20 people, the media outlet has learned.
- On Aug. 14 at 4 p.m. EST, Coindesk will hold an all-staff meeting to discuss the layoffs.
Cryptomedia Coindesk will lay off 45% of its editorial staff as its parent company Digital Currency Group (DCG) plans to bring in strategic investors, The Block reported, citing a memo.
According to the publication, the memo says they plan to hold a general meeting on Aug. 14 at 4 p.m. EST to discuss the layoff-related issues.
“The purpose of the meeting is to let everyone know that the media team conducted a layoff today. It is extremely difficult to relay this important information to all employees via email. However, I also feel it is important that all CoinDesk colleagues learn as quickly as possible about what is happening,” CEO Kevin Worth said in a statement.
He added that the move was necessary to ensure the financial sustainability of the business going forward.
According to a source familiar with the situation, the crypto magazine is laying off 20 people, representing 45% of the editorial team.
In July, we reported that a group of investors led by Matthew Rozzak of Tally Capital and Peter Wessenes of Capital6 were nearing a deal to buy Coindesk Media for $125 million.
We reported in July that a group of investors led by Matthew Rozzak of Tally Capital and Peter Wessenes of Capital6 were nearing a deal to buy Coindesk Media for $125 million.