One More Crypto Exchange Announces Layoffs Amid Downturn

After Bybit’s plans earlier this week to layoff employees, another cryptocurrency exchange now joined the long list of companies which cut staff. Already, major exchanges like Coinbase made the axe recently thanks to the prevailing market conditions. The crypto layoff saga drags on amid macroeconomic pressure on financial markets.

Crypto Exchange BitPanda To Layoff Staff

In a latest, European crypto exchange BitPanda announced its decision to cut down its workforce. It cited dramatic change in the market sentiment fueled by rising inflation and concerns about an incoming recession. There’s lots of uncertainty in the financial markets right now, it added.

“In keeping up with the industry, our team’s growth rate has been too high. We were facing challenges in setting up the right internal processes and infrastructure to successfully onboard new joiners, put them in the right place to win and enable them to deliver impact.”

From a total workforce believed to be over 1,000, BitPanda decided to scale down to 730 people. “We need to let part of our team go and scale down to a target organizational size of about 730 people.”

BitPanda Rescinds Job Offers

That BitPanda also decided to rescind offers of employment made already speaks it all about the state of affairs. This decision was made since the roles it was hiring for are no longer available in the new organizational setup. “All new hires whose offers are rescinded have already been notified.”

BitPanda is not the first crypto exchange to withdraw job offers. Top exchange Coinbase had recently put a hiring pause on both new and backfill roles and rescind a number of accepted offers. This was in response to the current market conditions and ongoing business prioritization efforts, it said at the time.

Earlier in the month, crypto exchange Gemini announced it was cutting 10% of its employees. The exchange blamed it on crypto winter alongside existing macroeconomic and geopolitical conditions. “We are not alone,” it said. Certainly, it appears they are not alone in cutting down workforce.