Cody McGrath 
Bitpanda a Vienna-based bitcoin exchange has reportedly sacked 730 staff owing to adverse market conditions
Peter Thiel-Backed Bitpanda Sacks 730 Staffs
According to a Friday notice, Bitpanda, a Vienna-based bitcoin exchange, has sacked 730 staff owing to adverse market conditions.
The trading platform, which has the support of Peter Thiel, a co-founder of PayPal, claims that the “tough decision” was made to ensure the company’s “financial health.”
After earning $260 million during its Series C investment round in August of last year, the exchange valuation surpassed $4 billion. The money allowed the business to hire more people.
The previous few weeks have seen a number of cryptocurrency companies announce significant layoffs, including Bitpanda. According to Coinscreed, Coinbase, the leading cryptocurrency exchange in the United States, shocked everyone by laying off 18% of its workers.
Several well-known cryptocurrency startups recently went on a hiring binge, including BlockFi, Gemini, and Bitso.
Meanwhile, FTX, Ripple, OpenSea, and some other cryptocurrency businesses defied the trend by hiring more people.
Despite the onset of the so-called crypto winter, Binance and Ripple look to be bullish about the future, declaring that they will continue to hire. This comes despite the fact that several other crypto exchanges such as Coinbase and Crypto.com have announced layoffs.