Thiel-backed Bitpanda Cuts Hundreds of Jobs on Crypto Tumult

Bitpanda GmbH is eliminating almost a third of its workforce as the crypto exchange turned investment platform looks to weather a bout of market volatility and plunging asset prices.

The Peter Thiel-backed firm will reduce headcount to about 730 from more than 1,000 as part of cost-cutting measures announced in reaction to the uncertain market environment. Bitcoin, the largest cryptocurrency, has tumbled about 70% from an all-time high reached in November.

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