Indian Crypto Exchange WazirX Cuts 40% of its Staff
Indian crypto exchange WazirX has laid off 50 to 70 employees, or about 40% of its staff.
According to CoinDesk, the exchange employees were promised severance pay equal to 45 working days’ pay. Representatives of the platform have confirmed the reduction in staff without specifying the specific number of layoffs.
The statement reads:
“The crypto market is in the grip of a bearish trend due to the current global economic downturn. The Indian crypto industry has faced unique challenges with regards to taxes, regulation and banking access, resulting in a sharp drop in trading volumes across all local platforms.”
The company has prioritized “financial stability and continued customer service”, which led to a reduction in employees in the context of the crypto winter.
