JAKARTA – The collapse of the crypto market in recent months, coupled with the global recession, has caused a number of companies from the crypto industry to carry out massive layoffs. A number of crypto companies such as Gemini, BlockFi, Coinbase and others have cut their employees.
A different course of action was taken by the cryptocurrency exchange Binance, which decided to hire employees during a bear market. Apart from Binance, other crypto companies such as Ripple Labs are also taking similar actions. This time, the crypto exchange from India, WazirX also decided the same thing even though the crypto exchange company was under pressure from the bear market and the Indian government.
Bloomberg reports that as big names in the crypto industry are laying off their staff, most Indian businesses are trying to tread carefully as they prepare for the crypto winter and new tax rates.
According to Bloomberg, trading volume on WazirX, one of India's fastest growing cryptocurrency exchanges, is down 95% since October last year due to new tax regulations.
Rajagopalan Menon, vice president of WazirX, stated that last year was a golden age for the company as they went from six programmers to employing fifty in just 7 months.
However, he assures that while they are not planning on massive layoffs, the company is cutting all non-critical costs to survive the crypto winter, so they are only hiring key positions.
“We only hire essential employees, we don't spend any money at all. It really is crypto winter here,” said Menon, quoted from Bitcoin.com.
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