Investment platform Bitpanda cuts hundreds of employees

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2022-06-27 05:06:45

Austrian investment platform Bitpanda is the latest company to put its name on the list of staff reductions and removal of recent job postings.

Investment platform Bitpanda cuts hundreds of employees

On the evening of June 24, Bitpanda announced the layoff of 1/3 of its workforce. From here, the platform’s staff is only 730 people.

Expressing the above decision, a representative of Bitpanda said:

“This was a tough decision, but we still need to make changes to the way we operate and get back to basics anyway. First of all, we need to have enough financial health to withstand the current uncertain situation. We will still focus on safety and user experience, educate the community, and at the same time will strip everything else.”

The company also sent employees a message via Slack, which mentioned that Bitpanda was growing too fast, just because it wanted to catch up with the industry:

“Our company has reached the threshold, which means that more employees do not make work more efficient, instead generating more costs in the current market context. Looking back now, we realize that our hiring pace was indeed unsustainable. That’s a mistake.”

Bitpanda also promised that it would refer employees who quit their jobs to other employers, take care of their mental health, and support many other programs.

The Vienna-based company was valued at $4.1 billion in August when it raised $263 million from Valar Ventures, billionaire financier Alan Howard and REDO Ventures.

In the context of the general market struggling with a very difficult period, a series of big players had to make similar decisions such as Coinbase, BlockFi, Gemini, Crypto.com, Bybit…

Statistics of staff reductions of crypto companies in Q2/2022. Source: TheBlock

In stark contrast to the above trend, Binance – the world’s largest cryptocurrency exchange – has a positive view when saying that crypto winter is an ideal time, an opportunity to invest in talent and mergers and acquisitions transactions. FTX, Kraken, Polygon, Bitfinex and Tether also announced expansion of recruitment.

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