Investment platform Bitpanda lays off 730 employees

The company said that it made a mistake growing too fast to keep up with the industry.

"While this is a tough decision to make, it was nonetheless necessary to make sure we’re robustly well-capitalized to navigate the storm and get out of it financially healthy, no matter how long it takes for markets to recover," Bitpanda said.

Bitpanda is an Austrian firm. In 2021 Bitpanda achieved a valuation of over four billion US dollars and had nearly 2.7 million customers and almost 500 employees. So this tiny firm is rightsizing.

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