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Austrian crypto exchange Bitpanda is laying off more than 270 employees

 


The Austrian crypto exchange Bitpanda now joins the inglorious list of crypto companies that are making significant cuts in their own workforce in order to get out of the current crisis “financially healthy”.


In the past few weeks, the ongoing bear market has not only led to the complete collapse of some crypto projects such as Terra ( LUNA ), but also triggered a veritable wave of layoffs in the crypto industry. In the course of this, Bitpanda says it has now made the "difficult decision" to reduce the number of employees to just 730 employees.


While it is not entirely clear how many employees Bitpanda was able to persuade to voluntarily resign, the career network LinkedIn shows that the Austrian company is currently laying off 277 full-time and part-time workers.


On the company's own blog , the crypto trading platform writes under the motto "The way forward" that the company has to position itself financially "robustly" in view of the difficult market situation. To that end it says:


"This is a difficult but urgent decision and we believe the new workforce structure will help us be more focused, effective and stronger as a company."

In addition to the statutory severance payments, BitPanda also provides other support to the terminated employees, for example they can obtain psychological support at the company's expense and also take advantage of other forms of support as part of the Employee Assistance Program (EAP).


As the company goes on to explain the background to the layoffs, it has grown excessively rapidly during the crypto market's heyday, especially in terms of staff. This excessive growth would in turn have resulted in problems with the internal procedures and processes, which only made the integration of new staff even less fruitful.


“We had reached a point where we had not become even more efficient with more employees, but instead created conflicts in internal coordination, which are all the more noticeable in the current market situation. Looking back, we have to say that our staff growth was too rapid and unsustainable. That was a mistake."

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