Peter Thiel-Backed Bitcoin Trading Platform Bitpanda Cuts Staff
— Bitpanda, Employees, Market, Cuts, Sentiment, Need, Thielbacked, Peter, Trading, Bitcoin, Post, Companies, Necessary, Platform, Staff, Markets, Company — 1 min read
Vienna, Austria-based Bitpanda announced that it would be reducing its headcount from 1,000 employees to 730. The company cites changing market sentiment, geopolitical tensions, rising inflation, and concerns of a looming recession as some of the reasons for the downsizing. Other crypto companies slashing employees include Crypto.com, Bitso, Buenbit, BlockFi, and Coinbase, which cut 18% of its workforce and rescinded employment offers to new hires. BitPanda is backed by tech billionaire Peter Thiel, who led a series of fundraises totaling over $500 million for the European exchange between September 2020 and August 2021. By August 2021, the company had a valuation of $4.1 billion. The founders explained that the speed at which Source