Bitpanda has announced the layoff of hundreds of employees. In a blogpost on the official website of the Austrian fintech, the founders of the company, which has become one of the leading cryptocurrency exchange platforms, announced that the staff will be reduced to 730 people. According to the latest information available, the number of current Bitpanda employees would be over a thousand.
“In recent months, market sentiment has changed radically, fueled by geopolitical tensions, rising inflation and concerns about the imminence of a recession,” the CEOs wrote in a joint note. Eric Demuth e Paul Klanschek and the Cto Christian Trummer. “We have seen other cryptocurrency winters before and have always come out of them strengthened thanks to our focus on a financially sound society. This is true even now, and this implies that cost management is essential. We need to fundamentally change the way we operate and focus on the essentials, prioritizing security and compliance, user experience, education and the community, and minimizing everything else, “they added. “We got to a point where hiring more people didn’t make us more effective, but instead created coordination costs, especially in this new market reality. Looking back, we realize that our hiring speed wasn’t sustainable. . It was a mistake, “admit the managers.
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Bitpanda is among the companies that have grown the most in Europe. It is considered one of the champions of the digital economy of the Old Continent, capable of raising 546 million dollars from its financiers with an evaluation after the last round of investment which has risen to 3.48 billion dollars. But the collapse of cryptocurrencies in recent months, with Bitcoin losing two-thirds of its value from last November’s highs, has weighed on the company’s accounts.
But the whole industry is in turmoil. Bitpanda isn’t the only crypto company to have been forced to lay off. Coinbase, the most popular crypto exchange in the world, announced a massive corporate restructuring plan earlier this month with the layoff of 18% of its staff. 1,100 people lost their jobs. Coinbase from the listing of April 2021 to today has lost 86% of its value on Nasdaq.
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“We made the difficult decision to scale the organization down to 730 people, to ensure we have enough capital to face the storm and come out financially healthy, regardless of how long it takes for markets to recover,” the three managers wrote. “We are aware of the responsibility we have to our employees and their families which is why it is a top priority for us to support them in the smooth transition to the next step in their career,” they added, announcing for employees that they will be affected by the cut. of the paths for reintegration into the labor market.
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