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Bitpanda platform lays off 730 employees

by Chief editor

European cryptocurrency investment platform Bitpanda has announced staff layoffs – 730 people will be laid off at once due to current “market conditions”. In a statement to employees, Bitpanda’s management stressed that the cryptocurrency market’s decline is due to geopolitical tensions, rising inflation and the expectation of an imminent economic recession. That said, no one can say when the market will return to growth, so management has decided to downsize in order for the company to survive.

“We need to let go some of our team and reduce the number of employees by about 730. These are colleagues who we respect and appreciate and who are doing a great job. However, we have taken this difficult decision in order to keep the company alive and get it through this storm and come out of it financially healthy. No matter how long the market recovers, we will ensure the safety of our clients’ assets,” the company stressed in a statement.

Earlier it was reported that US cryptocurrency exchange Coinbase is planning to lay off 1,100 employees. In contrast, Binance is set to increase its staff by 2,000.

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