- According to sources, 50-70 of WazirX’s 150 workers were let off.
- The whole public policy and communication staff had been terminated.
As a result of the global economic slowdown, the cryptocurrency exchange WazirX in India has had to lay off roughly 40% of its workers. According to sources, 50-70 of WazirX’s 150 workers were let off. On Friday, access was cut off. And the staff were notified that they would be paid for 45 days. Even though they no longer needed to come to work.
The statement read:
“As India’s No 1. exchange, our priority is to be financially stable and to continue serving our customers. To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018; at that time, we doubled down and built our innovative P2P engine.”
Steep Fall in Daily Trade Volume
Departments all throughout the place have had to lay off workers. Including the ones responsible for dealing with customers and human resources. One of the sources indicated that the layoffs included managers, analysts, and associate managers/team leaders. Another former employee confirmed that the whole public policy and communication staff had been terminated.
One former worker explained his dismissal by saying, “the company was never really forthcoming or transparent with its financial position, either when it was doing well or now.” CoinGecko data shows that daily trade volumes on WazirX have been falling from a peak of 478 million in October 2021 to a low of 1.5 million in October 2022.
One of the issues WazirX has been having is an apparent public feud with Binance CEO Changpeng Zhao about who owns the Indian exchange and the Indian government’s stand on crypto.
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