Stablecoin issuer Paxos and payment provider MoonPay both laid off employees! Will focus on core products such as RWA

This site (120btC.coM): The Block reported that stablecoin issuer Paxos disclosed in an email sent to internal employees yesterday (12) that it will carry out a scale of up to 20%. Layoffs; at the same time, payment provider MoonPay also announced 10% layoffs last week. Both are crypto companies that have recently claimed to be in good financial shape but have still had to lay off employees.

Paxos laid off 20% of its employees: focusing on core products first

The unpublished email pointed out that Paxos laid off 65 employees, accounting for about 20% of the total employees. The current total employees are about 200 to 300 people.

Paxos co-founder and CEO Charles 'Chad' Cascarilla said: We will lay off 20% of our employees to allow Paxos to better capture the tokenized assets (RWA) and stablecoin fields. huge opportunity.

And added, "With assets on our balance sheet exceeding US$500 million, we are in a better position to succeed under the current fairly solid financial condition."

He emphasized that we will prioritize focusing on The company’s core product, while deprioritizing other ancillary products: Stablecoins will grow more than 10x in the next few years and become the fulcrum of tokenized financial systems, while launching and scaling new regulated tokens will require more time and cost.

It is reported that Bloomberg also revealed that Paxos also plans to reduce the provision of its securities settlement services.

MoonPay lays off 10% of its staff: excessive investment, increased costs

On the other hand, MoonPay, as a new payment provider actively participating in the Web3 field, also claimed last week that it was due to increased operating costs and increased profits. Lower than expected, announced 10% layoffs.

MoonPay CEO Ivan Soto-Wright wrote in the letter: We are implementing a series of job cuts and structural adjustments that will affect approximately 10% of our employees.

According to LinkedIn information, the number of people affected by this layoff is about 30.

Soto-Wright admitted that due to over-investment in certain areas and regions, operating costs have increased: As CEO, this is my responsibility. If this problem is not solved, it will be detrimental to our team and shareholders. is irresponsible.

Shuangshuang actively deploys in the encryption field

As a widely loved partner of crypto payment companies, Paxos currently also provides a variety of stablecoin products, including PayPalUSD (PYUSD) with a market value of approximately US$400 million. , $430 million Pax Gold (PAXG), and $145 million Pax Dollar (USDP).

A few days ago, the company launched Lift Dollar (USDL) based on Ethereum, which is an income stable currency that distributes income daily.

On the other hand, MoonPay announced last month that it has launched a Web3 tool platform to help large brands including Adidas, Gucci and Puma create communities, operate loyalty, and obtain new revenue sources.

At the same time, MoonPay will also open PayPal payment functions in the EU and the UK, and local users will be able to purchase cryptocurrency on the platform through their PayPal accounts.

The above is the detailed content of Stablecoin issuer Paxos and payment provider MoonPay both laid off employees! Will focus on core products such as RWA. For more information, please follow other related articles on the PHP Chinese website!