The Indian crypto exchange platform, WaxirX has joined the league of growing start-ups in the country laying off people in this current global economic downturn. WazirX has laid off 40 per cent of its staff, that is, about 50 to 70 employees out of 150 employees in the Company.
Sharing a statement with CoinDesk, the company confirms that it has conducted a layoff. The statement mentions that currently the crypto market is going through a bear market period due to the current global economic downturn in the world. Since the Company wants to stay financially stable and wishes to continue serving its customers and users, the Company had to take this drastic step.
As per the Company, the volume of crypto exchanges on the platform has reduced. However, the Company also says that the crypto industry works in cycles. Every slowdown is followed by a bull market. The company refers to a similar situation which the crypto market faced in 2018.
It was reported that many departments in the Company are affected by this layoff which includes HR and customer service. Furthermore, it says that the entire public policy and communications team is fired. As per sources quoted in the media, laid off employees were told about this announcement on 30 September that they are no longer required to report on work and their accesses were withdrawn. The laid off employees have been paid a salary of 45 days.
As per other sources quoted in the media, the Company did not maintain any transparency about the financial condition of the company when it was not doing well and this decision has come as a surprise for many.
As per media reports and stats, more than 10,000 employees lost their jobs working in the start-up ecosystem in India.