Indian cryptocurrency exchange WazirX has reportedly laid off 40% of its staff, Coindesk report adds
In a statement shared with the crypto news outlet, the exchange cites the prolonged crypto winter as its reason for slashing its workforce by 40%.
Per a Coindesk report, Indian cryptocurrency exchange WazirX has slashed its workforce by 40%, citing the ongoing crypto market phase.
WazirX Cuts 40% of Its Workforce
In a statement shared with Coindesk, WazirX, one of the leading cryptocurrency exchanges in India, has decided to lay off 40% of its staff, citing extreme crypto winter conditions. The company has reportedly laid off 50–70 people, three people familiar with the matter told Coindesk.
The statement later adds that these employees will be paid for additional 45 days, and after that, the workers are not expected to attend the company anymore.
WazirX, which is dubbed as one of the leading cryptocurrency exchanges in India, has cited the prolonged crypto winter as its primary reason, leading the firm to slash its workforce by almost 40%.
“The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems concerning taxes, regulations, and banking access. This has led to a dramatic fall in volumes on all Indian crypto exchanges. ” The statement reportedly added
The firm further stated that it prioritises consumer protection and its decision to lay off 40% of its staff has been taken to “weather the ongoing crypto winter phase.”
“As India’s No. 1 exchange, our priority is to be financially stable and to continue serving our customers,” the company said. To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying 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 the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customers’ needs and continue to build. “We are confident that we will come out stronger when the bull market arrives,” the statement later adds
With WazirX slashing its workforce by 40%, the firm has joined the growing league of cryptocurrency exchanges that have recently decided to lay off their employees to stay afloat during the ongoing crypto winter phase. Crypto exchange Coinbase had earlier cut back on its workforce, citing the prolonged crypto winter. Similarly, exchanges like Bybit, Gemini, BitPanda, BlockFi, and Robinhood have also slashed their workforce to sustain the ongoing bearish crypto market phase.