Indian crypto exchange WazirX lays off over 40% of its workforce
Of the 150 employees of WazirX, 50 to 70 were reportedly made redundant.
The cryptocurrency exchange WazirX in India had to lay off over 40% of its staff due to the global economic slowdown. Of the 150 employees of WazirX, 50 to 70 were reportedly made redundant. Although they were no longer required to report to work, the staff received notice that they would still be paid for 45 days.
In a statement to CoinDesk, WazirX said “The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems with respect to taxes, regulations and banking access. This has lead to a dramatic fall in volumes in all Indian crypto exchanges.”
Nischal Shetty, the co-founder of WazirX, told CoinDesk that “we have entered a period of suffering” shortly after India’s strict crypto tax rules went into effect in March.
“As India’s No 1. exchange, our priority is to be financially stable and to continue serving our customers,” the company said. The company stated that they had to cut back on staff in order to survive the harsh winter in crypto.
One of the sources told CoinDesk “the workforce has been cut from several departments including customer support, HR and other departments. Managers, Analysts, Associate Managers/Team leaders were among those laid off.”
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