Paxos confirms dismissal of 20% of its workforce – DiarioBitcoin

The measure is surprising, given that Paxos Apparently he is having a very good time. This leaves around 65 team members affected by the decision out of work.

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• Paxos laid off 20% of its workforce
• The measure involves the departure of about 65 employees
• Apparently the reason for the measure is not due to economic needs.
• At the moment Paxos It is going through a very good moment from a commercial point of view.

The company that issues stablecoins linked to various currencies and assets, Paxos, reported the dismissal of 20% of its workforce, a measure that came to pass despite the fact that the company seems to be going through a very good time.

Layoffs in Paxos

This is what is read in an email sent by the management of Paxos to the workers, cited by the media The Block where the company indicates that the measure affects about 65 employees of the organization, but it is done to be able to better direct resources and efforts based on the contemplated plans

In the email in question, the co-founder and CEO of Paxos, Charles Cascarilla, indicated:

We shared a difficult decision to reduce our employee base by approximately 20%. We communicated this news directly to the 65 affected team members. This allows us to better take advantage of the enormous opportunity ahead in tokenization and stablecoins. With more than $500 million on the balance sheet, we are in a very strong financial position to succeed.

Employees affected by the measure will have 13 weeks of compensation, health insurance for three months, support in the relocation process and other benefits. A company spokesperson confirmed the fact, but did not offer further details behind the reasons.

A good time to Paxos

As such, the measure is surprising given that the company is apparently going through a very good moment from the commercial field.

Last week, the company announced the launch of Lift Dollar (USDL), a new US dollar-denominated stablecoin that promises to deliver returns to its users.

Late last year, the company received permission from a New York regulator to take its operations online. Solana Blockchain, Therefore, the company is already working to bring several of its currencies to said ecosystem, as well as to launch new tokens taking advantage of its properties.

Let us keep in mind that the company has been the focus of attention for some US regulators. For example we have certain conflicts with the US Securities and Exchange Commission (SEC)who in the past indicated one of their tokens as a value, Binance USD (BUSD)which is why it had to go out of circulation.

Another of the tokens in whose issuance he collaborated was the stablecoin of PayPal, PYUSD, which already operates in the market but at the end of last year was the subject of accusations by the SEC.

Article by Angel Di Matteo / DailyBitcoin

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