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Usha Yadav
Jun 25, 2022
by Usha Yadav

Bitpanda, a Peter Thiel-Backed Bitcoin Trading Platform, Reduces Staff

Bitpanda staff

Table of contents

  1. Crypto Firms Reducing Workforce
  2. Digital Trading Assets
Web3 businesses are forced to decide to reduce workers as the crypto winter sets in. Bitpanda, situated in Vienna, Austria, said earlier today that it would be reducing its staff from 1,000 to 730. The business stated in a blog post,
"We are committed to Bitpanda's mission. Therefore, we need to take decisive actions now",
''The implications hurt: we need to let part of our team go and scale down to a target organizational size of about 730 people."

Crypto Firms Reducing Workforce

As a result of the current downturn, a rising number of cryptocurrency businesses, including Bitpanda, have announced layoffs. Aside from Coinbase, which laid off 18% of its personnel and even revoked job offers to potential new hires, other employers cutting staff include Crypto.com, Bitso, Buenbit, BlockFi, and Crypto.com.

In a Slack discussion that is part of the post, BitPanda lists a number of the reasons for the layoffs, including shifting market mood, geopolitical unrest, growing inflation, and worries about an impending recession. For employees affected by the downsizing, the corporation provided several support alternatives, including assistance in locating new employment, references, and mental health support.

Digital Trading Assets

Bitpanda is a platform for digital trading assets like Bitcoin and Ethereum and physical commodities like silver and gold. It was founded in October 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer. The business is supported by tech billionaire Peter Thiel, who oversaw a series of fundraising efforts for the European exchange between September 2020 and August 2021 that raised over $500 million. Bitpanda was valued at $4.1 billion in August 2021.

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Bitpanda, a Peter Thiel-Backed Bitcoin Trading Platform, Reduces Staff
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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