The Austrian cryptocurrency and stock trading platform, Bitpanda joins the growing list of companies announcing a mass layoff with the aim of “getting out financially sound” amid a relentless bear market.
In recent weeks, the bear market has caused numerous catastrophic outcomes for many ecosystems, such as the Terra (LUNA) fiasco and the Abracadabra Magic Internet Money (MIM) fiasco. Witnessing the crashes from a front row seat, Bitpanda made the “tough decision” to cut its headcount to around 730 people.
Although the exact number of employees who will be leaving Bitpanda has not been disclosed, data from LinkedIn indicates that the company is in the process of laying off some 277 full-time and part-time employees.
In the ad, Dubbed “The Way Forward”, Bitpanda supported the move to cut employees highlighting the need to be “solidly well capitalized” amid uncertain market conditionsstating:
“It’s a tough but necessary decision, and we’re confident that the new organizational design will help us be more focused, more efficient and stronger as a company.”
The company offers support packages for itex employees that include mental health support, referrals and an employee assistance program (EAP). Speaking about its hyper-growth phase, a timeline in which the crypto market surpassed the $2 trillion market capitalization, Bitpanda revealed issues with internal processes and infrastructure to successfully onboard new members:
“We got to a point where bringing in more people didn’t make us more effective, but instead created coordination overhead, particularly in this new market reality. Looking back now, we realize that our hiring speed was not sustainable. That was a mistake”.
Bitpanda has not yet responded to Cointelegraph’s request for comment.
Joining the massive reorganization campaign to better adapt to the bear market, US crypto trading firm Coinbase announced the closure of its Coinbase Pro services.
As Cointelegraph reported, Coinbase Pro services will gradually migrate to Advanced Trade, Coinbase’s new trading section that can be accessed through the exchange’s website, over the next few months.
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