WazirX To Lay Off 40% of Its Staff and Would be Paid for the Next 45 Days.
WazirX, an Indian bitcoin and cryptocurrency exchange, has cut off some of its employees, the company told CoinDesk on 1 October.
WazirX To Lay Off Around 50 to 70 Employees
WazirX reportedly is going to lay off 50 to 70 employees or 40% of its 150 employees, according to three sources familiar with the matter.
It was announced on Friday that the laid off workers would be paid for 45 days, that they would not have to report for work from now on, as well as that their access would also be revoked.
“The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems with respect to taxes, regulations and banking access. This has lead to a dramatic fall in volumes in all Indian crypto exchanges,” said WazirX on Saturday.
“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,“ cited to the company.
“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 crypto industry operates in cycles and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customer needs and continue to build. We are confident that we will come out stronger when the bull market arrives,” the company said.
WazirX Daily Trading Volume has been Continuously Declining
One of the sources told Coindesk that “the workforce has been cut from several departments including customer support, HR, and other departments. Managers, Analysts, Associate Managers/Team leaders were among those laid off.”
Furthermore, another employee who lost his job reported that the entire public policy and communication team was terminated.
WazirX’s financial position has never been transparent or forthcoming, “either when it was doing well or now,” said one of the WazirX employees who lost their jobs unexpectedly on Friday.
Based on CoinGecko data, WazirX volume has steadily decreased from 478 million dollars on October 28, 2021 to 1.5 million dollars on October 1, 2022.