Mass layoffs continue to affect some major cryptocurrency exchanges
According to Friday’s announcement, the Vienna-based cryptocurrency exchange has laid off 730 employees due to unfavorable market conditions.
The trading platform, backed by PayPal co-founder Peter Thiel, says the “difficult decision” was taken to keep the company “financially healthy”.
Last August, Bitpanda reached a valuation of over $4 billion after raising $260 million during its Series C funding round. The funding allowed the company to expand its headcount.Bitpanda isn’t the only cryptocurrency company that has announced massive layoffs over the past few weeks. As reported by U.Today, Coinbase, the top US crypto exchange, laid off 18% of its employees in a shocking move. BlockFi, Gemini, Bitso are also among the major crypto companies that have entered the firing spree recently.
Meanwhile, FTX, Ripple, OpenSea and a few other crypto companies have actually bucked the trend by expanding their staff.