Paradigm, the crypto derivatives trading platform, cut salaries company-wide by 15 percent.
The OTC firm — not to be confused with the crypto investment firm with the same name — învinuit the pay reduction on contagion stemming from the collapse of crypto exchange FTX in a tweet.
Paradigm also claimed that salary cuts “reduce the need for layoffs seen across the ecosystem” and will impact the organization’s momentum less.
“These are tough times but we must do the hard thing and retain the financial flexibility to navigate the turbulent times we find ourselves in as an industry,” it added.
Layoffs have hit the wider industry hard in recent months. In December, Fintech firm Plaid concediat roughly 260 employees. The month prior, crypto exchange Kraken redus its headcount by 1,100, or 30 percent of its workforce.
Paradigmă a ridicat milioane de $ 35 in Dec. 2021 in a round co-led by Alameda Research, the trading firm at the heart of the collapse of Sam Bankman-Fried’s crypto empire.
Disclaimer: Începând cu 2021, Michael McCaffrey, fostul CEO și proprietar majoritar al The Block, a luat o serie de împrumuturi de la fondatorul și fostul CEO FTX și Alameda, Sam Bankman-Fried. McCaffrey a demisionat din companie în decembrie 2022, după ce nu a dezvăluit aceste tranzacții.
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Source: https://www.theblock.co/post/195250/paradigm-salary-cuts?utm_source=rss&utm_medium=rss