Blockchain News Flash: According to ChainCatcher, Paxos, a well-known stablecoin issuer, recently laid off about 20% of its employees, affecting about 65 people. 😮

Charles ‘Chad’ Cascarilla, co-founder and CEO of Paxos, said in an internal email that the layoffs were not due to the company’s poor financial situation. Instead, he revealed that the company had more than $500 million on its balance sheet. 😎

The reason for the layoffs is to focus resources more on areas such as tokenization and stablecoins. In order to take care of the affected employees, Paxos has provided them with 13 weeks of severance pay, three months of medical insurance subsidies, and three months of re-employment support. 👍

According to a person familiar with the matter, the number of employees at Paxos after the layoffs is currently between 200-300. 👥

It seems that Paxos is undergoing a large-scale business adjustment, and we will continue to pay attention to its subsequent developments. 🔍