European Crypto Exchange Bitpanda Cuts Staff by Hundreds
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Bitpanda's founders said the firm needs to let employees go due to market conditions. The company said it is aiming for a target headcount of 730. It has just over 1,000 employees, according to LinkedIn. Recent offers will be retracted, and employees have been notified, the founders said. The firm's layoffs come as crypto platforms and tech companies alike slash headcount in a bid to survive the market downturn and a period of rising rates of interest rates in the crypto market and the rising rate of interest in the market has also been hit by the recent market downturn.Bitpanda said its hiring speed was not sustainable and it was a'mistake' in hiring too many people in the past and needs to scale down. Source