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Austria-based crypto trading platform Bitpanda is slashing its headcount to ensure sustainability, the company said in a Friday blog post.
Bitpanda’s founders said the firm needs to let employees go as it scales down due to market conditions.
The company said it is aiming for a target headcount of 730. It has just over 1,000 employees, according to LinkedIn.
“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality,” Bitpanda wrote. “Looking back now, we realise that our hiring speed was not sustainable. That was a mistake.”
In addition, recent offers will be retracted, and employees have been notified.
Bitpanda’s layoffs come as crypto platforms and tech companies alike slash headcount in a bid to survive the market downturn and a period of rising rates.
“We acknowledge the responsibility we have for our employees and their families,” Bitpanda said in a statement sent to CoinDesk. ”This is why it is a top priority for us to support them to smoothly transition to the next step in their career.”
Read more: Coinbase Lays Off Around 1,100 Employees
Sandali Handagama contributed reporting.