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More layoffs…Crypto company “Bitpanda” lays off 730 employees…Details here

More layoffs…Crypto company “Bitpanda” lays off 730 employees…Details here

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Answer More layoffs…Crypto company “Bitpanda” lays off 730 employees…Details here

Vienna-based cryptocurrency exchange Bitpanda has fired 730 employees due to unfavorable market conditions, according to to announce Official from the company released yesterday, Friday.

The trading platform, backed by Peter Thiel, told PayPal co-founder that a difficult decision had been made in order for the company to remain in a sound financial position.

Last August, Bitpanda reached a valuation of more than $4 billion after it raised $260 million during its Series C funding round.

Funding allowed the company to expand its number of employees.

Bitpanda isn’t the only crypto company to announce mass layoffs over the past few weeks.

According to what we reported in Bitcoin Arab, Coinbase, the largest cryptocurrency trading platform in the United States, has fired 18% of its employees in an unexpected and shocking move.

Read:Cardano: Network performance peaks ahead of Vasil upgrade launch…Details here

BlockFi, Gemini, and Bitso are also among the notable crypto companies that have recently started laying off their employees due to tough market conditions.

Read:The price of Bitcoin reaches a daily record, and the crypto market is affected by its movement

Meanwhile, FTX, Ripple, OpenSea, and some other crypto companies have bucked the trend by expanding their headcount.

Read also:

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