Crypto Exchange WazirX Lays Off 40% Of Its Employees: Sources

WazirX, an Indian exchange, stated that it had fired several staff members. According to sources, at least 50 employees – or 40 percent of the 150 people employed by the exchange – were let go. On Friday, it was announced to the laid-off staff that they would get paid for 45 days, would not be expected to report for work going forward, and that it revoked their access simultaneously. “The crypto market has been in the grip of a bear market because of the current global economic slowdown,” WazirX said in a statement on Saturday. WazirX Laying Off Employees One of the sources claimed that several departments, including “customer service, HR, and others,” have reduced their staff. Those let go included “managers, analysts, associate managers, and team leaders.” Another sacked employee said that the firm fired the public policy and communication employees. According to data from CoinGecko, WazirX daily trading volumes have been steadily decreasing from a one-year high of 478 million on October 28, 2021, to 1.5 million on October 1, 2022. Some days’ trading volumes have been less than one million, and “this is not enough to support operations,” according to the sources. Indian Crypto Exchange Encountering Issues The Indian exchange has recently encountered several issues, including an online argument between Shetty and Changpeng Zhao, CEO of Binance, on whether Binance is the parent firm of the Indian exchange. As per data by CoinG...