Peter Thiel-Backed Bitpanda Fires 730 Employees

Alex Dovbnya

Massive layoffs continue to affect some of the leading cryptocurrency exchanges

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Fri, 24/06/2022 - 20:30

Peter Thiel-Backed Bitpanda Fires 730 Employees

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Vienna-based cryptocurrency exchange has fired 730 employees due to unfavorable market conditions, according a Friday announcement.

The trading platform, which is backed by PayPal co-founder Peter Thiel, says that the “difficult decision” was taken so that the company would remain “financial healthy.”

Last August, Bitpanda reached a valuation of more than $4 billion after raising $260 million during its Series C funding round. The funding allowed the company to expand its headcount.

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Bitpanda isn’t the only cryptocurrency company that has announced massive layoffs over the past few weeks. As reported by U.Today, Coinbase, the top U.S. crypto exchange, axed 18% of its staff in a shocking move. BlockFi, Gemini, Bitso are also among the prominent crypto companies who recently went on a firing spree.

In the meantime, FTX, Ripple, OpenSea and some other crypto companies have bucked the trend by actually expanding their staff.

#Cryptocurrency exchange

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.