Indian exchange WazirX has laid off 40% of its total workforce, the company said in a statement. The company said the layoffs were made to deal with the crypto market’s bearish week. She said her priority is to be financially stable and continue to serve her customers.
A week ago, the Execution Directorate (ED) froze the bank accounts of the crypto exchange company.
The company in a statement: “As the No.1 exchange in India, our priority is to be financially stable and continue to serve our clients. »
“To achieve this, we had to reduce our staff to deal with the crypto winter. This is similar to the trying times the industry faced in 2018; back then, we doubled down and built our innovative P2P engine,” the company said and added that the crypto industry works in cycles and the bear market is inevitably followed by a dramatic bull market. .
The company said the business will continue to focus on our customers’ needs and build and the company is confident that it will emerge stronger when the bull market arrives.
As many as 70 employees, or 40% of the stock exchange’s 150 employees, are said to have been laid off. The laid-off workers were told they would be paid for 45 days and would not be required to report to work.
The firm said on Saturday, “The cryptocurrency market has been in the throes of a bear market due to the current global economic downturn. »
“The Indian crypto industry has had its unique issues with taxes, regulations and banking access. This led to a dramatic drop in volumes across all Indian crypto exchanges. »
The Indian stock exchange has been facing a series of issues recently, including an online spat between Nischal Shetty, co-founder of WazirX, and Changpeng Zhao, chief executive of Binanceon whether Binance is the parent company of the Indian exchange.
WazirX is an Indian bitcoin and cryptocurrency exchange headquartered in Mumbai that offers an auto-matching P2P (peer-to-peer) engine. It was launched in March 2018. It is led by Nischal Schetty, Sameer Mhatre and Siddharth Menon.
Data from April 1 to September 14 showed a decline in daily trading volumes on WazirX and CoinDCX. These two companies are two of the largest cryptocurrency exchanges in India.
(Except for the title, this story has not been edited by blogdudemocrate.org staff and is published from a syndicated feed).
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Crypto exchange WazirX lays off 40% of its staff amid crypto winter – Democrat Blog
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