Paxos Cuts Workforce by 20% as Crypto Winter Bites

IconCryptoNewsTerminal Staff13 Jun, 2024

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Paxos Cuts Workforce by 20% as Crypto Winter Bites

Paxos, the stablecoin issuer, has reduced its workforce by approximately 20% (65 roles) due to the ongoing crypto winter, according to The Block. CEO Charles Cascarilla informed staff via email of the "difficult decision" to downsize. "We made the difficult decision to reduce our team by approximately 20% impacting 65 roles," he wrote. Despite the layoffs, Cascarilla highlighted that Paxos remains financially strong with a balance sheet exceeding $500 million. He expressed optimism about the future growth of tokenization and stablecoins. The crypto industry has experienced significant headwinds in recent months, including price declines and bankruptcies. Paxos' workforce reduction reflects the broader challenges faced by the sector.

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