Indian Crypto Exchange WazirX Has Layoffs Many Employees According to the company in a statement shared with CoinDesk, as many as 50 to 70 employees, or about 40 percent of the 150 employees, have been laid off. According to three sources familiar with the matter,
The laid-off employees were told Friday that they would be paid for 45 days and not have to come to work any further. and their access was suppressed altogether.
“The crypto market is in the hands of a bear market. Due to the current global economic slowdown,” WazirX said in a statement on Saturday, “Indian crypto industry has particular difficulties in terms of taxes, regulations and access to banks. This leads to a decrease in the volume of all Indian exchanges.”
“As India’s No. 1 exchange, our first priority is financial stability and continuing to serve our clients,” the company said. We have to cut our staff to support the crypto winter. This scenario is similar to the time the industry faced in 2018. However, the crypto industry is cyclical and bear markets are inevitably followed by spectacular bulls. We will continue to focus on customer needs and develop further. We are confident that we will come back stronger when the bull market arrives.”
Employees were cut from several departments. including Customer Support, Human Resources, and other departments, with managers, analysts, deputy managers/team leaders among the layoffs.”
One WazirX employee, who suddenly lost his job, said: “The company has never been prepared or transparent about its financial situation. Either when the company is doing well or now.”
WazirX’s daily trading volume has steadily declined from a one-year high of $478 million on October 28, 2021 to $1.5 million on October 1, 2022, according to data from WazirX. CoinGecko And there used to be some days below a million dollars, and “this is not enough to support operations,” the source said.
The post WazirX, India’s Leading Crypto Exchange Announcing the layoffs of more than 40% of employees appeared first on Bitcoin Addict.