Bitpanda Exchange Cuts 27% Employees

During the recession wave, Austria-based cryptocurrency exchange Bitpanda cut 27% of its staff. This is the latest name in the list of crypto companies cutting staff along with Coinbase, Bybit,…

In an announcement from a blog, the company backed by tech billionaire Peter Thiel, Bitpanda has cut from 1,000 employees to 730 employees. In other words, the company has cut 27% of its total staff amid a general market correction.

Up to now, Bitpanda is the exchange with the highest rate of layoffs. Previously, Coinbase, Bybit, BlockFi, and Crypto.com have also implemented similar plans. According to the report, the Austria exchange shared the reason for the staff reduction as follows:

“The implications hurt: We need to let part of our team go and scale down to a target organisational size of about 730 people.”

Previously, the exchange raised capital from technology billionaire Peter Thiel in a funding round of $500 million. Even the company was valued at $4.1 billion. However, Bitpanda still finds it hard to resist the overall market situation.

As an exchange based in Austria, Bitpanda has influence in the European market. According to the report, the exchange has more than 900,000 registered users from 21 countries. In addition, Bitpanda has diverse investment features, from direct to indirect crypto investments in 57 cryptocurrencies. The platform also features gem investment.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News