Stablecoin Issuer Paxos Cuts 20% of Workforce
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Stablecoin issuer Paxos has cut its workforce by about 20%, or 65 people, according to an email obtained by Bloomberg.
The job cuts, first reported by The Block, come at a time when Paxos has more than $500 million on its balance sheet, Chief Executive Officer Charles Cascarilla wrote in the email to employees on Tuesday, and the company is “in a very strong financial position to succeed.”