Deja vu in crypto? – The crypto exchange indian WazirX dismisses almost half of its staff, while remaining optimistic about the company’s future.
Dismissal at WazirX: the comm pays the high price
The ax fell. WazirX separates from 50 to 70 of its employeesor about 40% of its 150 employees, according to the media The Block which quotes a communicated and three sources who would be aware of this proposed layoff.
Workers who are affected by this provision have already been informed. On September 30, the company announced to them that they would receive their salary for 45 days. However, these employees would no longer be required to report to work. Their access would have been withdrawn.
This reduction in staff would affect several departments, including customer support and human resources. The downsizing of staff is killing both team leaders and analysts. A dismissed employee even mentions the dismissal of all thepublic policy and communications team.
Despite these measures aimed at mitigating the social shock of these layoffs, the pill is struggling to pass for some workers affected by this downsizing. One of the employees who lost his job thus accuses the company of lacking candor and transparency “about her financial situation, whatever it was when she was doing well or now”.
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Crypto Winter and Optimism: The Classic Ingredients of a Crisis Statement
Like other cryptocurrency exchanges that have made mass layoffs, WazirX justifies this reduction in personnel by evoking the bear markets due to the global economic slowdown.
The company also cites the “unique problems” of the crypto industry in India in the areas of taxes, regulations and access to banking services to explain the “spectacular drop in volumes” in the country’s crypto exchanges.
These dismissals would thus have the objective of stabilizing the finances of the company so that WazirX is able to “continue to serve” his clients.
And although it is laying off about 40% of its team, the company still wants to be reassuring about its sustainabilityrecalling the “tough times” of 2018, during which the company had still managed to build its P2P engine. WazirX thus intends, at least on paper, to release “stronger when the bull market arrives”.
The situation is not getting better for WazirX, which not only has to face the crypto winter, but also be pressured by regulators.
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