Indian crypto exchange giant WazirX has reportedly decided to lay off as much as 40% of its workforce amid the ongoing crypto bear market and local tax regime.
According to a recent report by Coindesk, the exchange has slashed around 40% of its staff, notably between 50 to 70 people, citing the ongoing crypto market downturn.
Massive layoff by WazirX
Three people close to the matter told the media outlet that the laid-off employees would receive salary for additional 45 days but WazirX has revoked their access to the exchange’s system effective immediately on October 1.
According to reports, the exchange said that it places a high priority on consumer protection and that it decided to fire 40% of its employees in order to “weather the ongoing crypto winter phase.”
The present global economic slowdown has caused a bear market to overtake the cryptocurrency market. The crypto industry in India has seen specific issues with taxes, laws, and banking access. All Indian cryptocurrency exchange volumes, including that of WazirX, have dramatically decreased as a result of this.
As the top exchange in India, the firm stated that maintaining financial stability and providing for its clients was its top responsibility. It further added:
“To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018. At that time, we doubled down and built our innovative P2P engine. The crypto industry operates in cycles, and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customers’ needs and continue to build.”
WazirX has joined the growing group of crypto exchanges that have made the decision to fire staff in order to survive the current crypto winter phase. In the past, cryptocurrency exchange Coinbase reduced its workforce, citing the protracted crypto winter. To maintain the current gloomy crypto market phase, exchanges like Bybit, Gemini, BlockFi, and Robinhood have also reduced their staff.