Blockchain infrastructure platform Paxos is set to reduce its workforce by 20%, affecting around 65 positions. Despite a strong financial position with over $500 million on its balance sheet, the company aims to better focus on opportunities in tokenization and stablecoins. CEO Charles Cascarilla stated that the decision, while difficult, is necessary for future growth. Launched in June, Paxos' new yield-bearing stablecoin Lift Dollar (USDL) reflects its strategic direction.
Affected employees will receive 13 weeks of severance pay, three months of subsidized health insurance, and other benefits.
Source: FinTech Futures
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