Correction: Investment platform Bitpanda reduces headcount to 730 employees

Quick Take

  • Bitpanda announced Friday that it reducing its headcount from around 1000 to 730 workers.
  • The company said that it made a mistake growing too fast to keep up with the industry.

Correction: This article has been corrected to say that BitPanda's headcount has been reduced to 730 people. An older version mistakenly said that the company was laying off 730 people. The Block regrets the error.

Austrian investing platform Bitpanda it is reducing its headcount from roughly 1000 to 730 people and rescinding offers of employment made recently.

The company announced the layoffs during a call Friday, per a statement put out on its website. The website currently says the company has "1000+" employees.

"While this is a tough decision to make, it was nonetheless necessary to make sure we’re robustly well-capitalized to navigate the storm and get out of it financially healthy, no matter how long it takes for markets to recover," Bitpanda said.

The company also shared a message it sent to employees over Slack, in which it stated that it was growing too fast while trying to keep up with the industry.

"We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality. Looking back now, we realize that our hiring speed was not sustainable. That was a mistake," the company told employees.

Bitpanda joins a series of other firms in the crypto space that have cut back on their staff in recent weeks including Coindesk, BlockFi, Gemini and Crypto.com. 

Bitpanda told employees that it would offer those who were laid off support ranging from 1:1 coaching with talent acquisition partners to mental health support and an employee assistance program.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).