Crypto exchange WazirX is said to have laid off 40% of its total workforce, mid the current global economic slowdown.
According to CoinDesk, 50 to 70 of the 150 employees at the exchange have been asked to leave. On Friday, the laid-off employees were informed that they would be paid for 45 days and would no longer be required to report to work. “The crypto market has been gripped by a bear market due to the current global economic slowdown,” WazirX said in a statement. “The Indian crypto industry has faced unique challenges in terms of taxes, regulations, and banking access. This has resulted in a dramatic drop in volumes across all Indian cryptocurrency exchanges “it was added
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Crypto exchange WazirX is said to have laid off 40% of its total workforce, mid the current global economic slowdown.
According to CoinDesk, 50 to 70 of the 150 employees at the exchange have been asked to leave. On Friday, the laid-off employees were informed that they would be paid for 45 days and would no longer be required to report to work. “The crypto market has been gripped by a bear market due to the current global economic slowdown,” WazirX said in a statement. “The Indian crypto industry has faced unique challenges in terms of taxes, regulations, and banking access. This has resulted in a dramatic drop in volumes across all Indian cryptocurrency exchanges “it was added
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.
