According to PANews, Paxos, a stablecoin issuer, has reduced its workforce by approximately 20%, equivalent to 65 employees. Paxos co-founder and CEO Charles “Chad” Cascarella said in an internal email that the company is in good financial shape, with more than $500 million on its balance sheet. Layoffs were implemented to focus resources more on the token and stablecoins.
Paxos provided affected employees with 13 weeks of severance pay, three months of health insurance benefits, and three months of reemployment support. An informed source revealed that the number of Paxos employees now ranges between 200-300 after the layoffs.
Previously, Paxos completed a $300 million Series D funding round in 2021, reaching a valuation of $2.4 billion.