India’s WazirX Lays Off 60+ Employees
- ByStartupStory | October 4, 2022
The beleaguered Indian crypto exchange WazirX has laid off as much as 40% of its workforce, WazirX told the employees that they would not be required to report to work, and their accesses were withdrawn, this happens amid adverse economic conditions exacerbated by an ongoing crypto winter and India’s anti-cryptocurrency stand. The employees let go were told by the company on September 30that they would receive severance pay for 45 days.
When reached out, the crypto exchange confirmed the development. A WazirX spokesperson told Inc42, “Our priority is to be financially stable and to continue serving our customers. To achieve this, we’ve had to reduce our staff to weather the crypto winter.” and confirmed the development.
The report added that the startup has cut down the workforce across customer support, HR and other teams. WazirX has also let go of the entire public policy and communication team.
The spokesperson also added that “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 Indian crypto exchanges.”
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