Financial services firm Robinhood cuts 23% of its workforce as fewer users trade

Robinhood has seen its number of monthly average users drop. Picture: Mark Lennihan/AP)

Robinhood Markets has said it is cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app.

Chief executive Vlad Tenev said the company, whose easy-to-use app helped bring a new generation of investors to the market, will reduce its headcount by about 23%.