2022-12-16 13:51 |
Paradigm, an institutional liquidity network crypto derivatives traders, has announced a 15% company-wide salary cut.
The salary cuts come amid widespread layoffs across the markets, including at some of the world’s largest companies. For crypto companies, the heat has intensified throughout 2022 – the crypto winter and recent negative events have impacted the whole ecosystem.
Paradigm says cutting salaries reduces need for layoffsParadigm, which offers on-demand liquidity tailored for institutional traders in terms of pricing, order sizes and immediacy, said the decision to slash the salaries of everyone at the company was informed by the tough times following FTX’s collapse.
Announcing the move via a tweeted statement, the OTC platform noted:
“Post FTX’s collapse, it is clear the contagion is deep and wide and like many of our clients and peers, we are not immune. Salary cuts reduce the need for layoffs seen across the ecosystem and have a lesser impact on org momentum.”
Paradigm on TwitterAccording to Paradigm, the current crypto market environment is rough. Reducing salaries is therefore a tough decision, but one that it felt needed to be taken in order for the platform to “retain the financial flexibility to navigate the turbulent times.”
Paradigm is backed several major venture capital firms, including Jump Capital that co-led the derivatives provider’s $35 million series A funding round in December 2021.
Others who have invested in the company include Dragonfly Capital, QCP Capital, Nexo and Digital Currency Group. A number of these partners have been hit with the FTX contagion.
The post Crypto derivatives firm Paradigm cuts salaries by 15% appeared first on Invezz.
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