Bitbanda Announces Layoffs Saying There Is No Compromise On Product Quality

Bitbanda Announces Layoffs Saying There Is No Compromise On Product Quality
Bitbanda Announces Layoffs Saying There Is No Compromise On Product Quality

Pitbanda, an Austrian crypto, and stock trading platform, joins the list of emerging companies announcing mass layoffs as it aims to “get out of financial health” amid an unforgivable bear market.

Over the past several weeks, the bear market has had several catastrophic consequences for many ecosystems such as Terra (Luna) And Abracadabra’s Magic Internet Money (MIM) D-pecking failure. Pitbanda, which has seen accidents from the front row seat, made the “tough decision” to reduce the number of its employees to approximately 730.

The exact number of employees who have been notified to stop working in Pitbanda has not been released. Information LinkedIn reports that the company is in the process of laying off about 277 full-time and part-time employees.

In NoticeNamed ‘The Way Forward’, Pitbanda supported the move to reduce staff by stressing the need for “strong capitalization” amid uncertain market conditions:

“We hope this will be a tough, but necessary decision and the new organizational design will help the company focus more, be effective and strong.”

The company offers IDEX-employee support packages, including mental health support, tips, and the Employee Assistance Program (EAP). Speaking of its overgrowth stage, which saw the crypto market surpass $ 2 trillion in market capitalization, Bitpanda revealed problems within the internal processes and infrastructure for the successful acquisition of new affiliates:

“Joining more people did not make us very effective, but instead we created integration overlays, especially in this new market reality. Looking back now, we realize that our hiring pace is not consistent. That is a mistake.”

Bitpanda has not yet responded to a request for comment from Cointelegraph.

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Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your research and reach out to financial advisors before making any investment decisions.

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