Highlights
- WazirX laid off 40% of its employees
- WazirX asked 50 to 70 employees to leave
- WazirX said that this decision had to be taken due to the current global economic slowdown
WazirX: The cryptocurrency market has been witnessing a steady decline for the past several months. At the same time, after the ED’s investigation on crypto exchange platform WazirX and seizure of a large number of assets, the situation in WazirX is not looking good now. Amid the current global economic slowdown, crypto exchange WazirX has reportedly laid off 40 per cent of its workforce. CoinDesk, citing sources, said a total of 50 to 70 employees of the 150 employees at the exchange have been asked to leave. The fired employees were informed on Friday that they would be paid for 45 days and would not be required to report for work.
This decision had to be taken due to the current global economic slowdown -WazirX
“The crypto market is in the grip of a bear market due to the current global economic slowdown,” WazirX said in a statement. “The Indian crypto market has faced problems with respect to taxes, regulations and banking access. This has led to a dramatic drop in volume across all Indian crypto exchanges.”
WazirX at its all-time low
It is being told that people from other departments including customer support, HR have been removed from the team. At the same time, according to one employee who lost his job, the company also fired the communication team and the entire public policy team. According to data from CoinGecko, WazirX’s daily trading volume declined from a one-year high of 478 million on October 28, 2021 to 1.5 million on October 1, 2022. Sources said that the trading volume has also been less than one million in a few days and this is not enough for the company.