European Crypto Exchange Bitpanda Cuts Staff by Hundreds

Bitpanda announced it is reducing its employee count to 730, down from about 1,000.

AccessTimeIconJun 24, 2022 at 5:22 p.m. UTC
Updated May 11, 2023 at 4:23 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Austria-based crypto trading platform Bitpanda is slashing its headcount to ensure sustainability, the company said in a Friday blog post.

  • Bitpanda’s founders said the firm needs to let employees go as it scales down due to market conditions.
  • The company said it is aiming for a target headcount of 730. It has just over 1,000 employees, according to LinkedIn.
  • “We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality,” Bitpanda wrote. “Looking back now, we realise that our hiring speed was not sustainable. That was a mistake.”
  • In addition, recent offers will be retracted, and employees have been notified.
  • Bitpanda’s layoffs come as crypto platforms and tech companies alike slash headcount in a bid to survive the market downturn and a period of rising rates.
  • “We acknowledge the responsibility we have for our employees and their families,” Bitpanda said in a statement sent to CoinDesk. ”This is why it is a top priority for us to support them to smoothly transition to the next step in their career.”

Sandali Handagama contributed reporting.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.