The company said that it made a mistake growing too fast to keep up with the industry.
Austrian investing platform Bitpanda it is reducing its headcount from roughly 1000 to 730 people and rescinding offers of employment made recently.
The company announced the layoffs during a call Friday, per a statement put out on its website. The website currently says the company has “1000+” employees.
“While this is a tough decision to make, it was nonetheless necessary to make sure we’re robustly well-capitalized to navigate the storm and get out of it financially healthy, no matter how long it takes for markets to recover,” Bitpanda said.
The company also shared a message it sent to employees over Slack, in which it stated that it was growing too fast while trying to keep up with the industry.
“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 realize that our hiring speed was not sustainable. That was a mistake,” the company told employees.
Bitpanda joins a series of other firms in the crypto space that have cut back on their staff in recent weeks including Coindesk, BlockFi, Gemini and Crypto.com.
Bitpanda told employees that it would offer those who were laid off support ranging from 1:1 coaching with talent acquisition partners to mental health support and an employee assistance program.
