New Delhi, June 25: Global bitcoin trading platform Bitpanda laid off 250 employees amid crypto winter as digital coins tumble.
Billionaire entrepreneur Peter Thiel, backed by Bitpanda, has announced that he will reduce his workforce from nearly 1,000 employees to 730.
The company, valued at $4.1 billion when it last raised money in August last year, also canceled offers it had made recently. Cryptocurrency crash: BlockFi and Crypto.com lay off hundreds of employees as digital currency hits record high
“The implications hurt: we need to let go of part of our team and reduce to a target organizational size of around 730 people,” the company said in a blog post Friday evening.
“We have made this difficult decision to ensure that we are well capitalized to weather the storm and emerge financially sound, regardless of how long it takes for markets to recover,” the company added.
Austria-based Bitpanda offers millions of retail investors the opportunity to invest in Europe’s widest range of digital assets.
“Over the past few months, market sentiment has changed dramatically, fueled by geopolitical tensions, rising inflation and concerns that a recession is imminent,” the company said.
“There is a lot of uncertainty in financial markets at the moment and while we know the industry is cyclical, no one knows when market sentiment will change,” he added.
The company said it would support those who have been made redundant, “by offering packages that go beyond the labor law requirements in your market.”
Bitpanda joins a growing list of crypto platforms such as Crypto.com, Bitso, Buenbit, BlockFi and Coinbase which have announced layoffs following the recent economic downturn.
(The story above first appeared on LatestLY on June 25, 2022 at 4:28 p.m. IST. For more news and updates on politics, world, sports, entertainment and lifestyle , log in to our website latestly.com).