- WazirX fired its entire public policy and communication team last Friday.
- A estimated 50 to 70 workers, representing 40% workforce, were sacked.
- The company pinned blames on the bear market.
According to an employee who lost his job, the Indian crypto exchange WazirX fired the entire public policy and communication team last Friday, a CoinDesk report revealed.
The employee also lamented that “the company was never forthcoming or transparent with its financial position either when it was doing well or now.”
WazirX sent parking many staff members, saying it had to prioritize financial stability while serving customers to remain India’s number one crypto business. The source estimated that 50 to 70 workers, representing 40% of the 150 people employed by the exchange, were asked to leave.
The company informed the laid-off employees on Friday that they would be paid for 45 days, after which they no longer need to report for work.
The exchange alleged that the present global economic downturn was to blame for the bear market gripping the cryptocurrency sector. It also confessed that the Indian crypto industries had had unique problems concerning taxes, regulations, and banking access, leading to a dramatic volume decline across the exchanges.
A statement from the company read:
We’ve had to reduce our staff to weather the crypto winter. The crypto industry operates in cycles, and a spectacular bull market inevitably follows the bear market. We will continue to focus on our customer needs and build.
The affected workforce cuts across several departments, including customer support, HR, and other departments. Managers, analysts, associate managers, and team leaders were among those laid off.
According to CoinGecko statistics, WazirX daily trade volumes have been slowly 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.