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.
Alex DovbnyaIn the meantime, FTX, Ripple, OpenSea and some other crypto companies have bucked the trend by actually expanding their staff.
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Godfrey Benjamin
Vladislav Sopov
Dan Burgin