Paradigm, an institutional liquidity network crypto derivatives traders, has announced a 15% company-wide salary cut.
The salary cuts come amid widespread layoffs across the markets, including at some of the world’s largest companies. For crypto companies, the heat has intensified throughout 2022 – the crypto winter and recent negative events have impacted the whole ecosystem.
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Paradigm says cutting salaries reduces need for layoffs
Paradigm, which offers on-demand liquidity tailored for institutional traders in terms of pricing, order sizes and immediacy, said the decision to slash the salaries of everyone at the company was informed by the tough times following FTX’s collapse.
Announcing the move via a tweeted statement, the OTC platform noted:
“Post FTX’s collapse, it is clear the contagion is deep and wide and like many of our clients and peers, we are not immune. Salary cuts reduce the need for layoffs seen across the ecosystem and have a lesser impact on org momentum.”
Paradigm on Twitter
According to Paradigm, the current crypto market environment is rough. Reducing salaries is therefore a tough decision, but one that it felt needed to be taken in order for the platform to “retain the financial flexibility to navigate the turbulent times.”
Others who have invested in the company include Dragonfly Capital, QCP Capital, Nexo and Digital Currency Group. A number of these partners have been hit with the FTX contagion.