Bitpanda axes one-third of its staff after vowing no mass layoffs

Cryptocurrency and commodities trading platform Bitpanda has axed a third of its employees.

Bitpanda had promised its employees it would not resort to mass layoffs amid the economic downturn three weeks earlier.

According to a Slack screenshot, the company’s chief product officer, Lukas Enzersdorfer-Konrad, tried to dispel rumors that the company would downsize and halt hiring.

“There will not be any kind of massive layoffs within Bitpanda,” Enzersdorfer-Konrad said. “We have not yet reached our limit and will continue hiring until all the positions we need are filled.”

Bitpanda said it was doing its best to support those affected by the restructuring.

Since cutting its workforce by a third and rescinding offers of employment last Friday, Bitpanda has no jobs currently advertised on its careers page.

Bitpanda is not the only company to suffer amid market volatility. In the last week, reported that crypto trading platform Abra and exchange OSL have cut jobs.

Last month, more than 1,500 people were laid off by crypto firms including Coinbase, and Gemini.