Crypto exchange startup WazirX has laid off 40 per cent of its total workforce, amid the talks of the global economic slowdown. According to various media sources, a total of 50 to 70 employees of the 150 workers at the exchange were asked to go.
An unsurprising trend creeping up in the technology market, many top-billed startups have been laying off employees since the start of 2022.
The trend seems to be the repercussion of the bulk hiring that had happened to appease the investors. Startups like Better.com, Bolt, Twilio and giants such as Meta, Snapchat, Tesla etc., have been systematically laying off staff.
WazirX said in a statement, "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 led to a dramatic fall in volumes in all Indian crypto exchanges."
The Mumbai-based startup's laid-off employees were informed that they would be paid for 45 days and that they would no longer be needed to report for work.
The workforce has been cut from several departments including customer support, HR, and other departments. Managers, Analysts, and Associate Managers/Team leaders were among those laid off, various media sources reported.
As per the report, WazirX daily trading volumes have been steadily declining from a one-year high of 478 million on October 28, 2021, to 1.5 million on October 1, 2022, according to CoinGecko data.