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Crypto Derivatives Platform Paradigm Slashes Salaries to ‘Reduce Need for Layoffs’

Paradigm, a crypto derivatives platform is cutting its employees’ salaries by 15%, citing dismal market conditions. 

“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,” the company said in a statement posted to Twitter on Thursday. “Salary cuts reduce the need for layoffs seen across the ecosystem and have a lesser impact on org momentum.”

“These are tough times, but we must do the hard thing and retain the financial flexibility to navigate the turbulent times we find ourselves in as an industry,” it added.

The wider crypto industry has seen an increasing number of layoffs over the past month. There have been deep cuts at a number of exchanges and trading platforms, including Coinbase (18%), Opensea (20%), and Kraken (30%). 

Editor’s note: This article has been updated to reflect that Paradigm, the crypto derivatives platform, has cut employees’ salaries, not Paradigm the venture capital firm.

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