- The firm is it is cutting its workforce from 1,000 to 730.
- The rapid pace of recruiting was a miscalculation and unsustainable as per the firm.
Crypto industry firms are finding themselves in a terrible situation when crypto winter sets in: laying off employees. Bitpanda, situated in Vienna, Austria, said today that it is cutting its workforce from 1,000 to 730.
The company said in a blog post:
“We are committed to Bitpanda’s mission, therefore we need to take decisive actions now. The implications hurt: we need to let part of our team go and scale down to a target organizational size of about 730 people.”
Layoff Continues Across the Sector
In the aftermath of the recent slump, Bitpanda has joined a growing number of cryptocurrency firms that have announced layoffs. Additionally, Crypto.com and Bitso, Buenbit, BlockFi and Coinbase have laid off their personnel and even withdrawn job offers to prospective employees.
Changing market mood, geopolitical unrest, increasing prices, and fears of an impending recession are cited in a Slack discussion included in the article by BitPanda as some of the reasons for the layoffs. Digital assets such as Bitcoin, Ethereum, and commodities such as silver and gold may be traded on Bitpanda. The platform was founded in October 2014 by Eric Demuth and Paul Klanschek.
The startup is led by tech billionaire Peter Thiel, who raised more than $500 million for the European exchange between September 2020 and August 2021 in a series of fundraisers. Bitpanda was valued at $4.1 billion in August 2021.
The corporation confessed that it was going through growing pains as it said that the path had been difficult thus far. The founders highlighted that the rapid pace of recruiting was a miscalculation and unsustainable. In addition to job search assistance, references, and mental health services, the corporation provided a list of resources for workers who had been adversely impacted by the downsizing.
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