Paxos Cuts 20% of Workforce, Laying Off 65 Employees Despite Strong Financial Position

Jun 12, 2024, 07:59 PM

Paxos, a stablecoin issuer, has cut 20% of its workforce, amounting to 65 employees. Despite this reduction, the company remains in a strong financial position with over $500 million on its balance sheet. The layoffs were disclosed in an internal email from CEO Charles 'Chad' Cascarilla, who emphasized the surplus of funds. The total staff count at Paxos is now between 200-300 employees.