đ˘ Paxos, the stablecoin issuer, has trimmed its workforce by 20%, letting go of 65 employees. But don't worry, it's not all doom and gloom! đ¤ď¸
⢠CEO Charles Cascarilla assures us that this move is to capitalize on future opportunities in the tokenization and stablecoin sectors.
⢠The affected employees aren't left high and dry - they're getting 3 months of subsidized health insurance, 13 weeks of severance pay, and a two-year extension to exercise vested options.
⢠Despite the layoffs, Paxos is still financially robust with over $500 million on its balance sheet. đ°
Interestingly, this comes just after Paxos' UAE arm launched a new yield-bearing stablecoin, the Lift Dollar (USDL).
What are your thoughts on this move? Is it a strategic step towards a brighter future in the DeFi sector? Let's chat below! đ #Paxos #DeFi #Stablecoin