Despite its strong financial situation, Paxos has decided to lay off approximately 20% of its staff.
The company's co-founder and CEO, Charles Cascarilla, has communicated in a mail to employees the difficult decision to reduce the number of employees by approximately 20%, directly affecting 65 team members.
Cascarilla has said this will allow the company to better focus on tokenization and stablecoins, with a strong balance sheet of more than $500 million.
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Employees affected by the layoffs have received a severance package of 13 weeks' pay, subsidized health insurance for three months, outplacement support for three months and an extension to exercise vested options for two years.