Bitpanda has decided to reduce the number of employees to about 730 people.
Austrian crypto and stock trading platform Bitpanda has announced mass layoffs to avoid financial distress.
A few weeks ago, many ecosystems such as Terra’s and Abracadabra’s Magic Internet Money were hit hard. Bitpanda, damaged by this situation, decided to reduce the number of employees to approximately 730 people.
It shows that the company is in the process of laying off approximately 277 full-time and part-time employees.
In the ‘Road Forward’ announcement, Bitpanda said it wanted to reduce employees, emphasizing the need to “strongly capitalize” in uncertain market conditions.
It’s a difficult but necessary decision and we are confident the new organizational design will help us become more focused, effective and strong as a company.
The company offers itex employee support packages that include mental health support, references, and an employee assistance program. Talking about the hyper-growth phase, a timeline where the crypto market exceeds $2 trillion market cap Bitpanda:
We’ve reached a point where getting more people involved doesn’t make us more effective, but instead creates coordination costs, especially in this new market reality. Now, when we look back, we see that our recruitment rate is not sustainable. It was a mistake.
Coinbase announced the shutdown of Coinbase Pro services that participated in the mass restructuring move to better accommodate the bear market.
Over the next few months, Coinbase Pro’s services will be gradually migrated to Advanced Trade, Coinbase’s new trading section accessible from the exchange’s website.