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European cryptocurrency investment platform Bitpanda announced a reduction in the staff - 730 people will be fired immediately due to the current "market conditions".
In its address to employees, managementBitpanda emphasized that the fall of the cryptocurrency market is due to geopolitical tensions, rising inflation and the expectation of an imminent economic recession. At the same time, no one can say when the market will return to growth, so the management decided to reduce the number of employees for the company's survival.
“We need to let go of part of our team andreduce the number of employees by about 730 people. These are colleagues whom we respect and appreciate, who do excellent work. However, we made this difficult decision to keep the company going and get it through this storm financially healthy. No matter how long the market recovers, we will ensure the safety of our clients' assets,” the company said in a statement.
Earlier it was reported that the American cryptocurrency exchange Coinbase plans to lay off 1,100 employees. But the Binance platform, on the contrary, is going to increase the staff by 2,000 people.