Stablecoin Issuer Paxos Cuts Workforce By 20%
According to PANews, Paxos, a stablecoin issuer, has reduced its workforce by around 20%, which equates to 65 employees. Paxos co-founder and CEO Charles ‘Chad’ Cascarilla stated in an internal email that the company is in good financial condition, with a balance sheet of more than $500 million. The layoffs were implemented to focus more resources on tokenization and stablecoins.
Paxos has provided affected employees with 13 weeks of severance pay, three months of health insurance subsidies, and three months of re-employment benefits. Information sources reveal that the number of Paxos employees is now around 200-300 after the layoffs.
Previously, Paxos completed a $300 million Series D funding round in 2021, reaching a $2.4 billion valuation.
