Bitpanda Cuts Headcount And Rescinds New Employment Offers, Cites Changing Market Sentiment
- Amidst crypto market slump, Bitpanda joins the growing list of crypto firms laying off their staff. However, the company will provide adequate support for the affected employees.
Austria crypto exchange, Bitpanda, is the latest addition to the growing list of crypto companies reducing their staff strength.
The decision to lay off staff became necessary as the firm is fighting to survive the current crypto winter. Bitpanda believes the decision will help it maintain its product quality and customer experience after the crypto winter. The company explained the reasons for the layoff to each staff member via slack and email.
BitPanda Takes Decisive Action
The Bitpanda blog post highlights the company’s fear of not knowing when there will be a change in market sentiment. The company cited various reasons for its fears. The top three fears were the possible start of a recession, rising inflation, and global geopolitical tensions.
The exchange also claimed to have survived previous winters due to its conservative financial approach. According to the blog post, appropriate cost management is one such approach.
Notably, the company intends to make fundamental changes to its mode of operations. Reportedly, BitPanda will focus on safety and compliance, community, education, and user experience.
The company has noted that new hires weren’t making it effective. Instead, they were creating coordination overheads. Additionally, the company admitted to making a mistake in its hiring speed.
Based on the above reasons, Bitpanda announced that it would reduce its staff to 730 people. The company claimed that the layoff would improve its focus. Thus, it can become more robust despite the current crypto market downturn.
Bitpanda intends to offer all affected employees severance packages beyond what is legally acceptable. Also, it would provide five support options for these people.
One such support is the Talent Connect hub. Ex-employees can access top-notch training on developing their LinkedIn profile and CV through this hub.
Another option is the OpenUp partnership support. Through this support, ex-employees can receive professional help from certified psychologists free of charge. Also, they will receive additional assistance in searching for their next role and preparing for interviews.
Bitpanda also announced that it would rescind employment offers to those that joined the team recently. The new organizational setup means that the roles for those new hires will no longer be available. The company hopes to remain on its mission of being the best investment platform in Europe and other parts of the world.