The current meltdown in the crypto sector is affecting everyone and the fallouts are all too evident. This includes layoffs and excess flab trimming by exchanges. Bybit has already announced that it is going to lay off its work force. Coinbase has also started to handout the pink slips to its employees. The prevailing market conditions are precipitating the cryptocurrency saga and the latest to effect a layoff of its employees is BitPanda.
Crypto Exchange BitPanda To Hand The Pink Slip
One of the biggest European crypto exchanges BitPanda is going to lay off its work force in view of the latest crypto currency meltdown and surging inflation. Underlining the rising inflation and concerns about an incoming recession as the main reasons for the move the crypto exchange said that there is a lot of uncertainty in the in the financial markets right now.
BitPanda is believed to have a work force of over 1000 people and it wants to shrink the work force to about 730.
BitPanda in a statement said “We unfortunately needed to announce that we’re letting part of the team go during a call earlier today. We made this incredibly difficult decision to ensure that we stay true to Bitpanda’s mission and keep building the leading investment platform in Europe and beyond.
While this is a tough decision to make, it was nonetheless necessary to make sure we’re robustly well-capitalised to navigate the storm and get out of it financially healthy, no matter how long it takes for markets to recover, without compromising on product quality and customer experience.”
BitPanda Cancels Job Offers
The current state of affairs of the crypto currency arena has forced many big entities to cut down their workforce. BitPanda is also cancelling the job offers it has given to different candidates earlier. In a statement the company said that the roles for which it had hired the employees is no longer available and all the candidates have been duly notified.