Bitpanda to lay off 730 employees to protect its financial health

European crypto broker Bitpanda announced a layoff of 730 employees. The firm’s management said the move was aimed at exiting the bear market financially healthier.

Top management acknowledged issues with internal processes and infrastructure amid a period of hypergrowth, which in turn pushed up overhead costs and reduced productivity.

“This is a difficult but necessary decision. We are confident that the new organizational structure will help us sharpen our focus, improve efficiency and strength,” the blog said.

The laid-off employees will be offered psychological support, career guidance and assistance in finding new employment.

Earlier, BitMEX, Robinhood, Gemini, Bitso and the parent company of Brazilian exchange Mercado Bitcoin Mercado Bitcoin said they would trim staff.

Coinbase will cut around 18%, and the crypto-lending platform BlockFi by 20%.

Earlier in June, Crypto.com CEO Kris Marszalek said he planned to lay off about 260 employees. Also reportedly, Bybit is reportedly planning to trim up to 30 staff.

There is no need to revise staffing levelsstated at Bitfinex and Tether.

Binance also takes a similar stance. Its CEO Changpeng Zhao called the crypto winter an opportune time to hire new staff and to grow the business through acquisitions.

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