In an effort to “get out of it financially healthy” in the midst of a harsh crypto winter, Austrian cryptocurrency and stock trading platform Bitpanda has joined the growing list of businesses to announce a major cut-off their workforce.
Crypto trading platform Bitpanda, which was seriously affected by the crashes, made the “tough decision” to reduce the number of employees it had to about 730.
The ongoing crypto winter has caused multiple catastrophic consequences for many ecosystems over the last few weeks, including the de-pegging disaster involving Terra (LUNA) and Abracadabra’s Magic Internet Money (MIM). As TheCoinRise reported, several crypto exchanges like Coinbase have laid out a serious portion of their workforce during these times. However, exchanges like Binance are determined to bring new and bright minds to the company.
Bitpanda to fire 277 employees
While the exact number of workers who have been asked to leave Bitpanda is still unknown, data from LinkedIn shows that the company is in the process of discharging about 277 full-time and part-time staffers.
In the post titled “The Way Forward,” Bitpanda backed the decision to limit staff by emphasizing the necessity of being “robustly well-capitalized” in view of the cloudy economic climate, stating:
“It is a tough, but necessary decision and we are confident that the new organizational design will help us be more focused, effective and stronger as a company.”
As per the announcement, the trading platform is providing itex-employees support packages that include references, mental health support, and an employee assistance program (EAP). Bitpanda highlighted the massive bull phase when the crypto market crossed $2 trillion market cap zone and revealed issues with internal operations and infrastructure to onboard new employees.
“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality. Looking back now, we realize that our hiring speed was not sustainable. That was a mistake.”