Bitpanda is Downsizing

The decline in the cryptocurrency markets also negatively affected the cryptocurrency exchanges. Many stock markets decided to downsize, reducing the number of personnel. Finally, Bitpanda dismissed 730 employees, citing unfavorable market conditions.

Bitpanda is Downsizing. Vienna-based crypto exchange Bitpanda could no longer withstand the historical depreciation in the cryptocurrency markets. The stock market decided to terminate the employment of 730 personnel due to unfavorable market conditions. Supported by Peter Thiel, one of the PayPal co-founders, and frequently on the agenda on this occasion, the stock market stated that it had to take this step in order to survive financially. Last Year Its Value Was Over $4 Billion During the Covid-19 pandemic, cryptocurrencies and companies added increased their value with the increasing interest in cryptocurrency markets and institutional investor support. In August 2021, Bitpanda raised $260 billion in its Series C funding round, and the company valuation exceeded $4 billion. In the light of positive developments, the stock market decided to grow and increased the number of employees.

Not Just Bitpanda

On the other hand, Bitpanda is not the only exchange that has reduced the number of employees in order to survive in adverse market conditions. Coinbase, BlockFi, Gemini, and Bitso also laid off many employees. Binance was the only one who grew in the crisis. Binance stood out from its competitors in the chaotic environment, improved its investments and increased the number of employees. Binance CEO CZ suggested that the decline in the cryptocurrency markets is normal and the markets have a 4-year routine. Emphasizing that crypto assets will continue to earn in the long run, CZ stated that they will continue their investments as Binance.     Source: Coinkolik