As the crypto market has been in the grip of a bear market because of the current global economic slowdown, Cryptocurrency exchange, WazirX laid off 40% of its employees.
According to reports, the Nischal Shetty-led company has laid off 50 to as many as 70 employees of the exchange's workforce of 150.
The company, in its statement, said, “Our priority is to be financially stable and to continue serving our customers. To achieve this, we’ve had to reduce our staff to weather the crypto winter.”
This comes days after the Enforcement Directorate(ED) unfroze WazirX’s bank accounts, allowing the platform to resume banking operations. The platform’s account was frozen by the regulator as a part of an ongoing probe into alleged fraud on instant loan applications, which provided short-term loans.
WazirX daily trading volumes have been steadily declining from a one-year high of 478 million on October 28, 2021, to 1.3 million on October 2, 2022.
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