Introduction
WazirX is a Mumbai-based cryptocurrency exchange that was founded in 2018. It provides users a platform to trade in cryptocurrencies. The platform has gained immense popularity in the crypto market due to its user-friendly interface and seamless trading experience. The company recently came into the limelight due to its decision to lay off 60 of its employees.
History and Funding
WazirX was founded by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. The founders have extensive experience in the tech industry and have been associated with companies like JustUnfollow, Crowdfire, and Exotel. In 2019, WazirX was acquired by Binance, which is one of the largest cryptocurrency exchanges in the world. The acquisition has helped WazirX to expand its operations and user base. The company has raised a total of $8.9 million in funding till date. Its investors include Binance, Polaris, Wavemaker Partners, and HBTC.
Performance
WazirX has been performing exceptionally well in the crypto market. The platform has gained a huge user base, and its trading volume has been increasing consistently. In 2021, WazirX reported a trading volume of more than $5.6 billion. The company has also been expanding its operations in the international market and has launched in several countries, including Turkey, Nigeria, and Vietnam.
Reasons for Layoffs
In February 2022, WazirX made the decision to lay off 60 of its employees. The company stated that the layoffs were a part of its restructuring plan to optimize its operations and improve profitability. The decision was made after a thorough review of the company’s performance and operations. The layoff affected employees across various departments, including marketing, customer support, and engineering.
Number of Employees Laid Off
The layoff affected 60 of WazirX’s employees. The company did not disclose the exact number of employees in its workforce, but it is estimated to be around 200 to 250.
Statement from Company Stakeholders
After the layoff, WazirX’s CEO, Nischal Shetty, released a statement saying that the decision was a difficult one but was necessary to ensure the company’s sustainable growth. He stated that the company would continue to focus on improving its operations and providing the best trading experience to its users.
Conclusion
In conclusion, WazirX, a popular cryptocurrency exchange, has laid off 60 of its employees. The company cited a restructuring plan as the reason for the layoff. Despite the layoff, WazirX has been performing exceptionally well in the crypto market, and its user base and trading volume have been consistently increasing. The layoff has come as a setback to the affected employees, but the company has reassured that it would continue to focus on its growth and provide the best trading experience to its users.
