The European crypto-exchange Bitpanda cuts around 270 jobs. Meanwhile, the Australian exchange Banxa lays off 70 workers.
- More exchanges lay off part of its payroll
- Bitpanda reduced its employee headcount from 1,000 to 730.
- Banxa left 70 of its workers unemployed
Uno detrás de otro, varios exchanges han hecho anuncios recientemente de recortes de sus nóminas de empleados. El estadounidense Coinbase is an American company that operates a cryptocurrency exchange platform. was one of the most resounding when on June 14, 2009, theanunció el despido de 1.100 trabajadores, 18% de su plantilla laboral. But, before him, several exchange companies had reported that they have been forced to downsize their employees, including Latin American ones. Bitso, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Marketplace , Buenbit. In addition, Gemini laid off 10% of its staff at the start of June and so did Blockfi y Crypto.com. Bybit made a similar announcement on June 20.
In the last few days it became known that two more exchanges had made the same decision: the European Bitpanda and the Australian Banxa . Let’s talk about each of the cases.
Bitpanda lays off 270 employees
The crypto trading platform a place to buy, sell and store cryptocurrency based in Austria, Bitpanda, reported on its blog that it is cutting its staff to ensure sustainability. About that he said:
“While this is a difficult decision to make, we needed to make sure we had solid capitalization to navigate the storm and come out of it financially healthy, no matter how long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. it takes for the markets to recover, without compromising product. quality and customer experience.”
The founders of Bitpanda said the company needs to reduce employees due to market conditions. The company said it is aiming for a target headcount of 730. It has just over 1,000 employees, it reports on LinkedIn, which means it will lay off at least 270 people.
“We got to a point where adding more people didn’t make us more effective, it created coordination overhead, particularly in this new market an area or arena, online or offline, in which commercial dealings are conducted. reality.” wrote Bitpanda . “Looking back now, we realize that our hiring speed was not sustainable. That was a mistake.
It is worth noting that the argument of excessive hiring and the market crisis is similar to that of the companies that preceded it in the decision.
The company will also withdraw recent job offers.
“We recognize the responsibility we have for our employees and their families.” dijo Bitpanda in a statement. “That’s why it’s a priority for us to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. them to make a smooth transition to the next step in their career.”
It is worth remembering that Bitpanda has just been formally registered with the Bank of Spain. .
Also the Australian cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange Banxa (BNXA) has cut more than 70 jobs in anticipation of a sharp downturn in the market, reported Monday Australian Financial Review.
The move represents 30% of the Melbourne-based company’s workforce The company’s workforce peaked at more than 230 employees last year as the cryptocurrency hit record levels.
“Banxa must take decisive action to reduce costs now, or else our company will not be able to succeed in the long term.” said CEO Holger Arians in a letter to employees. According to media reports, Arians told employees that the company grew too fast and that there would be a large layoff as market conditions worsened (as we see, the same argument again).
Affected employees include the European managing director, Jan Lorenc.
The company founded in 2014 has been publicly traded on the stock exchange. TSX Venture Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of the Toronto Stock Exchange since January 2021. The stock has fallen 74% in the past year amid a sharp drop in the cryptocurrency and equity equity is the funds that would be returned to a company's shareholders if all of the company's assets were dissolved and all debts were paid off in the event of liquidation. markets. They closed Friday at CAD $1.04 (USD $0.81) , giving the company a market value of about CAD $46.5 million (USD $36 million).
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