Crypto exchange Bitpanda, backed by Peter Thiel, cutting its staff to 730 employees

Mass layoffs in the crypto world continue. European crypto exchange Bitpanda, backed by PayPal co-founder Peter Thiel, is reducing its staff from 1000 to 730 employees to maintain “financial health.” 

In the past, management has recognized problems with internal processes and infrastructure in a hyperactive growth environment. Last August, the company reached a valuation of more than $4 billion after raising $260 million in a Series C funding round. This financing allowed Bitpanda to hire more employees. But now, it has caused an increase in costs and a decrease in productivity. 

“This is a difficult but necessary decision. We are confident that the organization’s new structure will help us increase our focus, efficiency, and strength,” says the company’s blog. 

Laid-off employees are reported to be offered psychological support, guidance, and assistance in finding a new job. 

It is worth mentioning that this is not the first-time crypto exchange has announced mass layoffs. Previously, such companies as Coinbase, BlockFi, Gemini, and Bitso decided to take the same approach. Meanwhile, FTX, Ripple, Binance, and Kraken plan to expand their staff.