CryptoIN

WeTrade Layoffs

February 2023

WeTrade announced a layoff affecting 0 employees (100% of its workforce) in February 2023. The company operates in the Crypto sector.

People Affected

Percentage

100%

Announced Date

Feb 9, 2023

About

Bengaluru-based cryptocurrency startup WeTrade has ceased operations and laid off its entire workforce, reportedly last month, amid a severe "crypto winter" and hostile market conditions. The company, which launched in 2022, disabled its trading services on January 17, 2023, and is now focusing on returning customer funds. While the exact number of employees affected is not specified, sources indicate a full team layoff as the startup shuts down. The decision is attributed to the deepening funding winter and extreme uncertainty in the crypto industry, which has particularly impacted early-stage ventures like WeTrade. The company had previously raised INR 15 crore and aimed for significant growth, but could not withstand the ongoing market downturn.