Bitpanda's founders are willing to reduce its employee count to around 730, cutting down from 1000.
On June 24, Austrian-based crypto trading platform Bitpanda stated that it would be slashing a significant number of its employees, citing the current harsh crypto market conditions as the company plans to “get out of it financially healthy.”
According to the official announcement, billionaire Peter Thiel-backed Bitpanda stated that the platform must “scale down to a target organizational size of about 730 people.” Even though the exact number of workers the firm plans to fire wasn't officially announced, data from LinkedIn revealed that around 277 full-time and part-time employees will be thrown out.
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Bitpanda will offer the laid-off team members a number of support options, including mental health support, an employee assistance program (EAP), a Bitpanda talent connect hub, as well as references. The organization also expanded upon such a decision and stated that it initially hired way more employees than needed, adding that:
“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality.”
Bitpanda mentioned that the initiative will provide the company with more possibilities to expand, stay stronger and be more effective in such a competitive market. On top of that, the announcement, dubbed “The Way Forward”, indicated that all of the employees were aware of the decision and further actions regarding offers will be withdrawn.
Bitpanda, founded in 2014, is a fintech founded by Paul Klanschek, Eric Demuth, and Christian Trummer. Currently, the trading platform has around 3 million users, as well as a PSD2 payment service provider license in its possession.
In fact, Bitpanda joins the vastly growing list of different organizations laying off a significant number of its team members, including Robinhood, Gemini, and Coinbase. On the other hand, the world’s biggest crypto exchange Binance stated that it would take advantage of the current crypto bear market and hire even more employees.
On another note, last week, Bitpanda announced that it would be rolling out in Spain after it successfully registered as a virtual currency exchange and digital asset custody service provider with the Bank of Spain.
