India's Largest Crypto Exchange To Lay Off 40% Of Its Staff

WazirX

✍️ 3 October, 2022 - 5:22 👤 Editor: Jakub Motyka

  • The largest Indian cryptocurrency exchange in the country, WazirX, has announced layoffs at its company.
  • They will let go of 40% of their workforce, between 50 and 70 affected workers, to deal with the current situation in the cryptocurrency market.
  • The latest news about cryptos, in our Telegram channel.

WazirX, the largest cryptocurrency exchange in India, has announced that it will lay off 40% of its staff due to the >current situation of the economy. Of the 150 employees that the group has, the company will have to let go of between 50 and 70 workers.

The prolonged fall in the cryptocurrency market has ended up forcing WazirX to make the decision to let go of practically half of its workforce of employees, as confirmed by the exchange in question to CoinDesk.

WazirX Will Lay Off 40% Of Its Staff Due To The Market Situation

Starting by citing the global economic situation, and the drop in cryptocurrencies that the market has been dragging for months, WazirX has confirmed that it will lay off 40% of its staff in order to continue operating normally in India, its main market.

In addition, WazirX also mentions the regulatory problems of cryptocurrencies in India, a country that has started to put obstacles to users who want to operate with their digital currencies (from taxes that complicate the calculation of profits to banks that refuse to operate with cryptos, through regulations that make trading difficult for exchanges). This, according to the Indian exchange, has caused a fall in the volume of operations with cryptocurrencies throughout the country.

"As the number 1 exchange in India", WazirX has communicated, "we have to reduce our number of employees to be able to face the crypto winter". "The current situation is similar to what the crypto industry experienced back in 2018," they say.

WazirX (WRX) Token Falls On The News, But Remains Stable

After the news was released, the price of WazirX (WRX) today has fallen slightly by 2.75% in the last 24 hours to $0.2002. If you look at its monthly chart, the truth is that its current value is not too far from the maximum of the last month marked at $0.2945.

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