$ 4.1 billion
The company was valued at $ 4.1 billion during an investment mobilization effort in August last year.
“We have not only been forced to lay off a portion of our company but have also become a company targeting about 730 people,” Pitbanda said in its company’s Black Post on Friday.
Pitbanda, based in Austria, has created a service and platform for millions of retail investors to invest in a wide range of digital assets in Europe.
The CEO of Coinbase, the world’s leading crypto exchange service, has announced in a statement to its employees that it will lay off 18 percent of its staff to ensure that the company is financially sound during this economic downturn.
Similarly another cryptocurrency company BlockFi on Monday embarked on a plan to lay off about 20 per cent of the total number of employees in order to conduct a strategic review in the midst of difficult market conditions. The layoffs are expected to affect all sectors in BlockFi.