Crypto Exchange WazirX Lays Off About 40% Employees: Report

Crypto exchange WazirX has laid off approximately 40 per cent of its employees in a reaction to the current bearish conditions in the crypto world.

First reported by CoinDesk, the crypto platform has apparently laid off 50 to 70 of its employees. The company has told these employees that they would be paid for 45 days and they would not be required to report to work.

The company has withdrawn the accesses of the laid off employees.

"The crypto market has been in the grip of a bear market because of the current global economic slowdown," WazirX said in a statement on Saturday. "The Indian crypto industry has had its unique problems with respect to taxes, regulations and banking access. This has lead to a dramatic fall in volumes in all Indian crypto exchanges."

WazirX further said that it was important to streamline its employee count to weather the “crypto winter”.

"The crypto industry operates in cycles and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customer needs and continue to build. We are confident that we will come out stronger when the bull market arrives", the company said.

According to CoinGecko data, the daily trading volumes on WazirX have been on the decline from a one year high of 478 million on October 28, 2021 to 1.5 million on October 1, 2022.