European crypto broker Bitpanda announced the layoffs of 730 employees. The company’s management explained this move as a desire to get out of the bear market “financially healthy”.

Senior management acknowledged internal process and infrastructure challenges in the face of past hyperactive growth. This has resulted in increased overheads and decreased labor productivity.

“This is a difficult but necessary decision. We are confident that the new organizational structure will help us increase our focus, efficiency and strength.” blog says.

For dismissed employees, the firm will provide psychological support, guidance and job placement assistance.

Earlier, the state optimization BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian Mercado Bitcoin exchange were announced.

Coinbase will cut staff by about 18%, while blockchain platform BlockFi will cut staff by 20%.

Recall that in June, Chris Marszalek, CEO of Crypto.com, announced plans to lay off about 260 employees. According to some reports, Bybit will also cut the roster.

It has been announced by Bitfinex and Tether that there is no need to revise the number of personnel.

A similar position is shared by Binance. Its CEO, Changpeng Zhao, described the crypto winter as a good time to hire new employees and further develop the business through various acquisitions.

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