The cryptocurrency trading platform WazirX announced a 40% layoff, with trading volume severely declining due to multiple factors

Chain Catcher news, according to Coindesk, the Indian cryptocurrency exchange WazirX has issued a statement indicating that the platform has laid off 40% of its employees, with the specific number of personnel around 50 to 70 (the total number of employees is about 140). The laid-off employees will receive 45 days of salary. The statement said, "Due to the current global economic slowdown, the cryptocurrency market has been in a bear market, and the Indian cryptocurrency industry faces some issues regarding taxation, regulation, and banking access. This has led to a sharp decline in trading volume across all Indian cryptocurrency exchanges." According to informed sources, "The workforce in several departments, including customer support, human resources, and others, has been reduced. Managers, analysts, and deputy managers/team leaders are among those laid off."

According to another laid-off employee, the entire public policy and communications team has been dismissed. According to CoinGecko data, WazirX's daily trading volume has steadily declined from a one-year high of 478 million on October 28, 2021, to 1.5 million on October 1, 2022. Sources say that sometimes the daily trading volume falls below one million, "which is not enough to support operations." (Source link)