European crypto broker Bitpanda has just announced it intends to lay off 730 employees.
According to company officials, they have made the decision in order to exit the bear market in a "financially healthy" way.
They have acknowledged the challenges of internal processes and infrastructure in the face of past hyper-growth. This has resulted in increased overhead costs and decreased labor productivity.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
According to the blog post on the company’s site:
"While this is a tough decision to make, it was nonetheless necessary to make sure we’re robustly well-capitalized to navigate the storm and get out of it financially healthy."
The firm will offer laid-off employees psychological support, counseling and assistance in finding new employment.
BitMEX, Robinhood, Gemini, Bitso and the parent company of Brazilian exchange Mercado Bitcoin have recently been reported to be making adjustments to their workforces.
In addition, Coinbase has reported it will reduce its staff by approximately 18%, while blockchain platform BlockFi will lay off 20% of its employees.