Bitpanda becomes next in line to announce layoffs amidst bear market blues

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Bitpanda, Austrian crypto and stock trading platform, is next in line to announce a major employee overhaul. Bitpanda is in the process of cutting down the employee headcount to around 730 workers. According to LinkedIn, Bitpanda has laid off approximately 277 part-time and full-time employees.

Bitpanda, in its announcement dubbed “The Way Forward”, has decided to decrease the headcount to be “robustly well-capitalised” in the given fluctuating market conditions and stated, “It is a tough but necessary decision, and we are confident that the new organisational design will help us be more focused, effective and stronger as a company.”

However, the company will provide incentives to ex-employees through support packages like mental health support, EAP (Employee Assistance Program) and references. 

Further, the Bitpanda team said that the crypto market breach of $2 trillion was the hyper growth phase for the company. They had reached that point that didn’t require more people to join the firm for efficiency, and their hiring strategy might not have been sustainable. Bitpanda revealed:

“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality. Looking back now, we realise that our hiring speed was not sustainable. That was a mistake.”