Sunday, November 27, 2022

WazirX Lays Off 40 Percent Workforce to Deal With Crypto Winter

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Indian exchange WazirX laid off 40 percent of its total workforce, the company said in a statement. The company said the laid-off was done to weather the bearish week for the crypto market. It said its priority was to be financially stable and to continue serving our customers.

A week ago, the enforcement directorate (ED) had frozen the bank accounts of the crypto exchange firm.

The company in a statement to CoinDesk said, “As India’s No. 1 exchange, our priority is to be financially stable and to continue serving our customers.”

“To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018; at that time, we doubled down and built our innovative P2P engine,” the company said and added that the crypto industry operates in cycles and the bear market is inevitably followed by a spectacular bull market.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360

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