Blockchain infrastructure platform Paxos to reportedly cut 20% of workforce
Blockchain infrastructure platform Paxos is to axe 20% of its workforce despite its claims of a healthy balance sheet, according to an internal email first reported by The Block.
Paxos axing 20% of its workforce, reports say
The move is expected to impact around 65 positions and will leave the stablecoin issuer with a workforce of between 200 and 300 people.
According to the report, the email sent by Charles Cascarilla, co-founder and CEO of Paxos, describes the cuts as “a difficult decision”, but one that ultimately “allows us to best execute on the massive opportunity ahead in tokenisation and stablecoins”.
This statement follows the firm’s launch of Lift Dollar (USDL), described as “a yield-bearing stablecoin”, through its UAE-based affiliate, Paxos International, at the beginning of June.
“With more than $500 million on the balance sheet, we are in a very strong financial position to succeed,” Cascarilla’s notice reportedly states.
It’s said that Cascarilla is offering affected employees 13 weeks of severance pay and three months of subsidised health insurance and outplacement support.
This is in addition to a two-year extension to exercise vested options, second-quarter bonuses and additional benefits for select employees.
Paxos did not return FinTech Futures‘ request for comment at this time.
