WazirX lays off 40% of its workforce; seeks financial stability

The company said in a statement that WazirX laid off 40 per cent of its total workforce. The layoff was done to weather the bearish week for the criptocurrency market, according to the company. It stated that its priority was to be financially stable and to continue serving our customers.

A week ago, the enforcement directorate ED had frozen the bank accounts of the crypto exchange firm.

The company said it was India's No. Our priority is to be financially stable and continue to serve our customers. We had to reduce our staff to cope with the winter's crypto. The situation is similar to the difficult times the industry faced in 2018; at that time, we doubled down and built our innovative P 2 P engine, the company said. The bear market is inevitably followed by a spectacular bull market.

The firm said the firm would continue to focus on customer needs and continue to build, and the company is confident that it will come out stronger when the bull market arrives.

It is said that as many as 70 employees or 40% of the exchange's workforce of 150 were laid off. The laid-off workers were told they would be paid for 45 days and would not be required to report for work.

The firm said on Saturday that the market for cryptocurrencies was in the grip of a bear market because of the current global economic slowdown. The Indian criptocurrency industry has had its own problems with regards to taxes, regulations and banking access. This has resulted in a dramatic fall in volumes on all Indian criptocurrency exchanges. The Indian exchange recently had a slew of problems, including an online spat between WazirX Co-founder Nischal Shetty and Binance Chief Executive Officer Changpeng Zhao about whether Binance is the parent company of the Indian exchange.

WazirX is an India-based exchange that offers an auto-matching P 2 P peer-to- peer engine. It was launched in March 2018. It is run by Nischal Schetty, Sameer Mhatre and Siddharth Menon.

Daily trading volumes of WazirX and CoinDCX fell on April 1 to September 14 as a result of the data from April 1 to September 14. Two of these two firms are two of India's largest criptocurrency exchanges.