Bitpanda Intends to Fire 730 Employees Amid Market Crash

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EU-based cryptocurrency broker Bitpanda has announced it is laying off 730 employees to exit the bear market “financially healthy.”

The company’s execs have acknowledged the problems with internal processes and infrastructure in the context of hyperactive growth in the past, which has resulted in higher overheads and lower productivity.

The company has reported:

“This is a difficult but necessary decision. We are confident that the new structure of the organization will help us increase focus, efficiency and strength.

The company will offer psychological support, guidance and employment assistance to the employees that will lose their jobs.