Cryptocurrencies
Thiel-backed Bitpanda Cuts Hundreds of Jobs on Crypto Tumult
- Crypto exchange to lower headcount to 730 from more than 1,000
- Peter Thiel-backed firm was valued at $4.1 billion last year
Peter Thiel speaks during the Bitcoin 2022 conference in Miami in April.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Bitpanda GmbH is eliminating almost a third of its workforce as the crypto exchange turned investment platform looks to weather a bout of market volatility and plunging asset prices.
The Peter Thiel-backed firm will reduce headcount to about 730 from more than 1,000 as part of cost-cutting measures announced in reaction to the uncertain market environment. Bitcoin, the largest cryptocurrency, has tumbled about 70% from an all-time high reached in November.