India-based cryptocurrency exchange WazirX has laid off between 50 and 70 employees, which is about 40% of its staff, CoinDesk has reported.
According to the sources of the publication, these employees were promised severance pay equal to 45 working days’ pay. Representatives of the platform have confirmed the reduction in staff without specifying the specific number of layoffs.
WazirX has reported:
“The crypto market is in the grip of a bearish trend due to the current global economic downturn. The Indian crypto industry has faced unique challenges with regards to taxes, regulation and banking access, resulting in a sharp drop in trading volumes across all local platforms.”