Indian crypto exchange WazirX has laid off nearly 40 per cent of its workforce amid the economic slowdown.
150. K 50 to 70 wazirx Employees were laid off, CoinDesk reported, citing sources.
Employees who were made the offer informed on Friday that they would be paid for 45 days, and would not be required to report to work and their access would be withdrawn.
“The crypto market is in the grip of a bear market due to the current global economic slowdown. The Indian crypto industry has its own unique problems with respect to taxes, regulations and banking access. This has led to a dramatic drop in volumes. All Indians crypto exchange,” WazirX said in a statement, CoinDesk reported.
“As India’s No. 1 exchange, our priority is to be financially stable and continue to serve our customers. To achieve this, we have had to reduce our workforce to weather the crypto winter. This situation Similar to the tough times the industry faced in 2018, at that time, we doubled down and built our innovative P2P engine,” the statement said.
The workforce has been cut from various departments including customer support, human resources and other departments. Sources said managers, analysts, associate managers/team leaders are among those who have been fired.
Another employee who lost his job said the entire public policy and communications team was fired.
“The company was never really upfront or transparent with its financials, either when it was doing well or now,” said one employee who lost her job.
wazirx According to data from CoinGecko, daily trading volume declined from a one-year high of 478 million in October 2021 to 1.5 million in October 2022.
WazirX is facing problems including a public dispute with Binance CEO Changpeng Zhao over whether Binance is the parent company of the Indian exchange.
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