WazirX blames global economic gloom for layoffs

economictimes.indiatimes.com:

WazirX has finally come up with its official clarification on the issue, blaming global economic slowdown for its dire decision. In June, however, while clarifying to ETMarkets.com that it did not intend to squeeze the team size, WazirX, on the contrary, had bragged about expanding the team six times in half-a-year. According to media reports, the company has asked 50 to 70 employees of its 150 staff strength to leave the company as they are not needed anymore, but they will be paid for 45 days. The crypto market has been in the bear grip because of the current global economic slowdown, the exchange said in its clarification. «We have had to reduce our staff to weather the crypto winter.»

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The Indian crypto industry has had its unique problems with respect to taxes, regulations and banking access. This has led to a dramatic fall in volumes in all its Indian exchanges, the company added. According to media reports, the workforce across multiple departments have been trimmed, including HR, customer support at the level of manager, analysts, associate managers and team leaders. According to CoinGecko data, WazirX daily trading volumes have been steadily declining from a one-year high of 47.8 crore on October 28, 2021, to 15 lakh on October 1, 2022. The crypto industry operates in cycles and the bear market is inevitably followed by a spectacular bull market, the exchange said in its clarification. «We will