The decision came as part of cost-cutting measures announced amid the downturn in the digital assets market

Crypto platform Bitpanda to cut over 70% of staff

25.06.2022 - 10:25

291

2 min

What’s new? Cryptocurrency trading platform Bitpanda has announced the reduction of more than 70% of its employees amid the downturn in the digital assets market. The company reported that 730 of its more than 1000 employees needed to be laid off as part of cost-cutting measures announced in response to the uncertain market situation. The exchange’s representatives also added that they strive to maintain a self-funded model.

Announcement on the Bitpanda website

What does Bitpanda’s announcement say? Representatives of the platform noted that the market sentiment has changed dramatically over the past few months, facilitated by geopolitical tensions, rising inflation, and concerns about the inevitability of a recession. According to them, the financial markets are in a period of uncertainty and although “the industry is cyclical, nobody knows when the market sentiment will change.”

The platform’s representatives also noted that the team’s excessive growth rate has had a negative impact on the operation efficiency. The company will set up a Bitpanda Talent Connect Hub support center for those who will have to leave their jobs. With it, former employees will be able to get support when searching for vacancies or moving to a new position in another organization.

What is known about Bitpanda? It is an Austrian company founded in 2014 and headquartered in Vienna. One can buy and sell cryptocurrencies, silver, and gold, as well as various securities and ETFs on the Bitpanda trading platform. The company also offers its own credit card.

Coinbase exchange plans to cut staff by 18% amid the falling crypto market. The platform’s head Brian Armstrong also stressed that the rapid growth of the team has had a negative impact on workflows. In early July, Gemini, a cryptocurrency exchange, revealed that it was preparing to cut 10% of its staff. On June 20, Bybit announced plans to reduce staff by 20-30%.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy