Zaiftrade crypto exchange reduced the number of employees.04.08.2022
A branch of Japanese exchange Zaiftrade has joined the list of companies that have laid off a small portion of their employees. As the cryptocurrency market is going through bad times, companies are finding additional ways to cut costs and stay afloat.
Journalist Christopher Mort published news about the layoffs at Zaiftrade yesterday. He reported that the company is cutting 15 percent of its staff of 500 people.
“Zaiftrade.com relies heavily on professionalism and the ability to get the job done quickly. We are exploring eliminating duplicate functions and creating smaller but more flexible teams to improve our efficiency. Starting this week, some functions and roles will be revised to keep us focused and agile,” the company said in a statement.
“To support a smooth transition process, affected colleagues will be given severance pay and access to career support for Zaiftrade employees as they transition into their new jobs.”
Zaiftrade said it has 1 million registered users with more than 19,000 users trading on the exchange daily.
Coinbase also said last week that it was reducing its staff by 18 percent, nearly 1,100 people. Crypto.com CEO Chris also said the company is cutting 5% (260 people) of its staff. Credit platform BlockFi was another company looking to cut costs, laying off 20% (850 people) of its staff.
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