Australia-based crypto and stock trading platform Bitpanda has joined companies that laid off their employees in order to get through this process financially during the current bear market.
The current bear market has wreaked havoc on many ecosystems over the past few weeks, with Terra (LUNA) and Abracadabra’s Magic Internet Money (MIM) losing their footing. Bitpanda also decided to reduce the number of its employees to approximately 730 people in this negative environment.
The exact number of employees who will stop working for Bitpanda is not yet clear, but a quote from LinkedIn data The company is preparing to lay off approximately 277 full-time and part-time employees, according to the report.
Bitpanda, ‘Path Forward’ in the announcementemphasizing the need to ‘firmly capitalize’ amid uncertain market conditions, supported the move to reduce headcount, stating:
“This was a very difficult but necessary decision. We are confident that this new corporate design will help us become more focused, effective and strong as a company.”
Talking about the hyper-growth phase when the crypto market surpassed the $2 trillion market cap, Bitpanda also addressed issues with internal processes and infrastructure to successfully engage new entrants:
“We are at a point where having more people on our team does not make us more effective but instead creates coordination costs, especially during the current market. Looking back now, we see that our hiring pace is not sustainable.”
Bitpanda has yet to respond to Cointelegraph’s request for comment on the development:
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