Wednesday, October 5, 2022

Bitpanda Slashes Workforce by Over 25%

Crypto exchange, Bitpanda has joined a rising number of crypto firms that have resorted to reducing headcount due to the current economic and financial downturn. The Australian-based crypto trading platform on Friday announced that it would reduce its staff strength from 1000 to 730 employees.

In the post titled “The Way Forward”, Bitpanda stressed the need to be financially healthy as the crypto winter continues. Therefore, the firm opted to amend the way it operates giving priority to what is essential. This includes safety, compliance, improved user experience, and community education.

The exchange cited several factors responsible for the decision to downsize its workforce, chief of which is the current market conditions. Other factors according to the firm are swings in the market sentiment, fear of an impending recession, and the inflation rate.

In addition, the firm admitted it recruited way more than it required in keeping up with the industry growth. A decision it said was a mistake and was unsustainable.

Consequently, Bitpanda gave the affected employees several support options to smoothly transition to the next phase. The options include an assistance program, references, mental health support, and talent connect hub. The firm has informed the affected employees.

Bitpanda believes the new organizational design will help it remain focused, effective, and stronger.

Though difficult, the decision to downsize was necessary to maintain financial stability according to the exchange firm.

Founded in 2014, Bitpanda is a crypto exchange firm headquartered in Vienna. It offers users in the European zone access to digital assets, commodities, and securities trading. The firm raised $263 million in August 2021 bringing to attain a valuation of $4.1 billion at the time.

Crypto firms downsizing as crypto winter continues

Consequent to the heat of the recent market downturn, several crypto firms have made moves to remain operational.

As a result, crypto firms like Crypto.com, BlockFi, Bitso, and Coinbase have all announced layoffs citing the prevailing market conditions. Coinbase recently retrenched about 18% of its personnel as it prepares for the prolonged crypto winter.

In addition, the exchange plans to cut down its expenses and increase its efficiency with the manpower left.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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