Austria-based crypto trading firm Bitpanda is set to axe hundreds of staff.

The news comes as numerous firms in the cryptocurrency space have laid off staff in recent months.

Cryptocurrency exchange Coinbase recently cut 1,180 staff, while rival exchange Gemini has laid off an estimated 100 employees.

Bitpanda said it is aiming for a target headcount of 730, from just over 1,000 employees currently.

Founded in 2014, the company achieved a valuation of $4.1 billion in August.

Bitpanda provides a trading platform which offers access to a cryptocurrency exchange, commodities and securities trading, and ETFs via a mobile platform.

“We’ve seen crypto winters before and we’ve always got out of them stronger due to our focus on being a financially healthy company, having a conservative approach and aiming at all times to be self-funded,” said a Bitpanda spokesperson. “This is also true now, and that implies that cost management is essential.”

They added: “We need to make fundamental changes in how we operate and sharpen our focus by getting back to the basics, prioritising safety and compliance, user experience, education and community, while deprioritising everything else.”

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