Paxos lays off about 20%, the company's financial condition is good

ChainCatcher news, stablecoin issuer Paxos has laid off about 20%, or 65 people. Paxos co-founder and CEO Charles 'Chad' Cascarilla stated in an internal email that the company's financial situation is good, with over $500 million on the balance sheet. The layoffs are aimed at focusing resources more on areas such as tokenization and stablecoins. Paxos has provided affected employees with 13 weeks of severance pay, three months of health insurance coverage, and three months of re-employment support. A source familiar with the matter indicated that after the layoffs, Paxos now has between 200 and 300 employees.