Layoff at WazirX – Indian crypto exchange still reassuring its customers

Layoff at WazirX - Indian crypto exchange still reassuring its customers

Deja vu in crypto? – The crypto exchange Indian WazirX rejects nearly half of its staff, while remaining optimistic about the company’s future.

WazirX layoff: communication pays a high price

The ax fell. WazirX lays off 50 to 70 of its employeesor about 40% of its 150 employees, according to media outlet The Block, which cited a press release and three sources familiar with the layoff project.

Workers who are affected by this provision have already been informed. On September 30, the company informed them that they would receive theirs salary for 45 days. However, these employees will no longer be required to report to work. Their access would be revoked.

This staff reduction will affect several departments, including customer support and human resources. Downsizing is killing team leaders and analysts alike. A fired employee even mentions dismissal from everyonepublic policy and communications team.

Despite these measures aimed at softening the social shock of these layoffs, the pill is struggling to pass for some workers affected by this layoff. Thus, one of the employees who lost his job accuses the company of a lack of candor and transparency “for her financial condition, whatever it was when she was doing well or now”.

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Crypto winter and optimism: The classic ingredients of a crisis statement

Like other cryptocurrency exchanges that made massive layoffs, WazirX justifies this downsizing by causing the bear markets due to the global economic slowdown.

The company also quoted “unique problems” of the crypto industry in India on taxation, regulation and access to banking services to explain “spectacular decline in volumes” in crypto exchanges in the country.

Thus, these layoffs will aim to stabilize the company’s finances so that WazirX is able to “keep serving” his customers.

And even though it’s laying off about 40% of its team, the company still wants to be reassuring about his resiliencerecalling “hard times” of 2018, during which the company still managed to build its P2P engine. That’s how WazirX intends, at least on paper, to launch “stronger when the bull market arrives”.

The situation is not improving for WazirX, who not only has to face the crypto winter, but also be under pressure from regulators.

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