Paradigm Crypto Derivatives Platform Reduces Salary By 15%

The crypto derivatives trading platform Paradigm reduced salaries by 15% across the board.

The OTC firm, which is distinct from the cryptocurrency investment firm of the same name, attributed the salary cut to contagion following the collapse of cryptocurrency exchange FTX in a tweet.

Salary reductions, according to Paradigm, “lower the need for layoffs witnessed across the ecosystem” and will have a less significant effect on the organization’s momentum.

“These are tough times but we must do the hard thing and retain the financial flexibility to navigate the turbulent times we find ourselves in as an industry,” it added.

The broader industry has been severely impacted by layoffs recently. Plaid, a fintech company, let go of about 260 workers in December. Kraken, a cryptocurrency exchange, cut 1,100 jobs last month, or 30% of its employees.

In a round co-led by Alameda Research, the trading company at the center of Sam Bankman-crypto Fried’s empire collapse, Paradigm raised $35 million in December 2021.

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