- Indian cryptocurrency exchange WazirX has reportedly laid off 40% of its staff, Coindesk report added
- in a statement shared with crypto news outlets , the exchange cited a long crypto winter as the reason for its layoffs of 40%.
Indian cryptocurrency exchange WazirX slashes its headcount by 40 citing the ongoing crypto market phase, according to a Coindesk report %.
WazirX to lay off 40% of its workforce
In a statement shared with Coindesk, WazirX, one of India’s leading cryptocurrency exchanges, has decided to lay off 40% of its staff, citing extreme crypto winter conditions. The company has reportedly cut 50-70 jobs, three people familiar with the matter told Coindesk.
A subsequent statement added that these employees will receive an additional 45 days of pay, after which the workers are not expected to participate in the company any longer. Layoffs of nearly 40%.
“The crypto market has been in a bear market due to the current global economic slowdown. Indian crypto industry There are unique issues with taxation, regulations and banking access. This has resulted in a precipitous drop in trading volumes across all Indian cryptocurrency exchanges.” The statement reportedly added
The company further stated that it prioritized consumer protection and its decision to lay off 40% of its workforce has taken steps to “get through the ongoing crypto winter” stage”.
“As India’s No. 1 exchange, our priority is financial stability and continued service to our clients,” the company said. To make this happen, we had to reduce our staff to get through the crypto winter. The situation is similar to the tough times the industry faced in 2018. At that time we doubled down and built our innovative P2P engine. The crypto industry operates in cycles, and a bear market is inevitably followed by a spectacular bull market. We will continue to focus on the needs of our customers and continue to build. “We are confident that we will emerge stronger when the bull market hits,” the statement later added
With WazirX laying off 40% of its workforce, the company has Joined the growing consortium of cryptocurrency exchanges that recently decided to lay off staff to stay afloat during the ongoing crypto winter phase. Cryptocurrency exchange Coinbase earlier cut its workforce, citing a long crypto winter. Likewise, exchanges such as Bybit, Gemini, BitPanda, BlockFi, and Robinhood have slashed staff to maintain a persistent bearish crypto market phase.