According to a statement sent to CoinDesk on Saturday, the Indian exchange WazirX has laid off much staff.
According to three anonymous individuals who spoke with CoinDesk, 50-70 workers were dismissed which is around 40% of the exchange’s total staff of 150.
“A bear market has overtaken the crypto market due to the present global economic downturn,” WazirX said in a statement on Saturday. The Indian crypto industry’s particular challenges with taxes, regulations, and banking access have led to a drastic decline in trading volumes on all Indian crypto exchanges.
The business said, “As India’s leading exchange, our first objective is financial stability and continued client service. To accomplish this, we’ve to cut our employees to survive the crypto downfall. This scenario is comparable to the challenging times the sector encountered in 2018; at that time, we doubled down and constructed our unique P2P engine. The crypto business functions in cycles and the bear market will surely be followed by a fantastic bull market.”
Another former employee said that the entire public policy and communication staff had been dismissed. One source indicated that “the workforce has been slashed from numerous areas including customer service, HR, and other divisions.”
One of the WazirX workers who lost his job “suddenly” on Friday said, “The firm was never really upfront with its financial condition, whether it was performing well or not.”
WazirX Co-Founder Nischal Shetty told CoinDesk in March 2022, soon after India’s introduction of severe crypto tax legislation, “we have entered a time of suffering” in reference to the fall in trading volumes.