The cryptocurrency exchange WazirX has cut close to 40% of its staff in response to the crypto winter. Reports show that as many as 50 to 70 WazirX workers have been let go. In an announcement made on Friday, laid-off workers were told they would receive payment for 45 days and would no longer be expected to work. They would also lose access to the system at the same time.
Wazir X laying off 40% of its workforce ..ie as many as 70 people from customer service, HR, management dept to maintain sufficient ‘financial stability’ to pull through the crypto bear market.#cryptonews #cryptomarket #India #wazirx #wazirxlayoff
— Ritu Lavania (@lavania_ritu) October 2, 2022
According to WazirX’s statement, the company’s top priorities are financial stability and client service. Taking steps to weather the crypto winter requires cutting down on employee numbers.
Prior to this layoff
WazirX’s bank accounts were unfrozen by the Enforcement Directorate, allowing banking activities to resume. The regulator froze the platform’s account to investigate suspected fraud involving fast loan applications that offered short-term loans.
A bear market has gripped the cryptocurrency market due to the current global economic downturn. In addition, the cryptocurrency business has had some unique challenges in India when it comes to taxes, rules, and banking access. As a result of this, the statement claimed, all Indian cryptocurrency exchange volumes have fallen dramatically.
#WazirX daily trading volumes have been declined from 478 million on October 28, 2021 to 1.5 million on October 1, 2022…
That's just plain crazy but explains the mass layoffs…which is really sad$wrx $btc #crypto
— Sanchit (@CryptoVesus) October 2, 2022
WazirX’s daily trading volume has been slowly declining since October 28, 2021, when it peaked at 478 million. However, on October 1, 2022, the number surpassed 1.5 million.
In a statement, WazirX stated, “It is a comparable circumstance to those faced by the industry in 2018 when we doubled down and developed a ground-breaking platform for peer-to-peer transactions. We keep our client’s needs in mind as we develop and grow. If the bull market finally materializes, WazirX is confident that it will be stronger than ever.”