Bitpanda, backed by Peter Thiel, lays off 730 employees

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Alex Dovbnya

Mass layoffs continue to affect some of the leading cryptocurrency exchanges

Vienna-based cryptocurrency exchange has laid off 730 employees due to adverse market conditions, according to a Friday announcement

The trading platform, which is backed by PayPal co-founder Peter Thiel, says the “tough decision” was made so that the company would remain “financially healthy”.

Last August, Bitpanda reached a valuation of more than $4 billion after raising $260 million in its Series C funding round. The funding allowed the company to expand its workforce.

Bitpanda isn’t the only cryptocurrency company to announce massive layoffs in recent weeks. As reported by e-RUPI Guide, Coinbase, the leading US crypto exchange, has laid off 18% of its staff in a shocking move. BlockFi, Gemini, Bitso are also among the prominent crypto firms that recently went on fire.

In the meantime, FTX, Ripple, OpenSea, and a few other crypto firms have sidestepped the trend by actually expanding their workforces.