According to PANews, Paxos, a stablecoin issuer, has reduced its workforce by approximately 20%, which equates to 65 employees. The co-founder and CEO of Paxos, Charles ‘Chad’ Cascarilla, stated in an internal email that the company is in a good financial state, with over $500 million on its balance sheet. The layoffs were implemented to concentrate resources more on tokenization and stablecoins.
Paxos has provided the affected employees with 13 weeks of severance pay, three months of health insurance subsidies, and three months of re-employment support. An informed source revealed that the number of Paxos employees now ranges between 200-300 following the layoffs.
Previously, Paxos completed a $300 million Series D funding round in 2021, reaching a valuation of $2.4 billion.