Crypto exchange WazirX laysoff as many as 50-70 employees amidst economic slowdown
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Crypto exchange WazirX laysoff as many as 50-70 employees amidst economic slowdown

Amid economic slowdown, Indian crypto exchange WazirX has laid off nearly 40 percent of its workforce. As many as 50 to 70 of 150 WazirX employees were laid off, CoinDesk reported citing sources.

Amid economic slowdown, Indian crypto exchange WazirX has laid off nearly 40 percent of its workforce. As many as 50 to 70 of 150 WazirX

Crypto market has been in the grip of a bear market

The employees who were laid offer informed on Friday that they would be paid for 45 days, and would not be required to report to work, and their access was withdrawn. “The crypto market has been in the grip of a bear market because of the current global economic slowdown.

Dramatic fall in volumes in all Indian crypto exchanges

Indian crypto industry has had unique problems with taxes, regulations, and banking access. This has led to a dramatic fall in volumes in all Indian crypto exchanges,” WazirX said in a statement, reported CoinDesk. WazirX workforce has been cut from various departments including customer support, HR, and others.

Entire public policy and communication team was fired

Managers, Analysts, and Associate Managers/Team leaders were among those laid off, according to sources. Public policy and communication team was fired, said another source. “The company was never really forthcoming or transparent with its financial position, either when it was doing well or now,” said an employee who lost his job.

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trading volumes have been declining from a one-year high

WazirX daily trading volumes have been declining from a one-year high of 478 million in October 2021 to 1.5 million in October 2022, according to CoinGecko data.

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