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Bitpanda Cuts Hundreds of Jobs Citing Uncertain Crypto Outlook

June 24, 2022, 5:16 PM

Bitpanda GmbH is eliminating almost a third of its workforce as the crypto exchange turned investment platform looks to weather a bout of market volatility and plunging asset prices.

The Peter Thiel-backed firm will reduce headcount to about 730 from more than 1,000 as part of cost-cutting measures announced in reaction to the uncertain market environment. Bitcoin, the largest cryptocurrency, has tumbled about 70% from an all-time high reached in November.

“We need to make fundamental changes in how we operate and sharpen our focus by getting back to the basics,” Bitpanda said in a letter to employees posted ...