Bitvavo, the largest cryptocurrency exchange in the Netherlands, is cutting nearly 100 jobs as part of a company reorganisation.
The platform announced the changes in a statement on its website, citing shifts within both the business and the broader cryptocurrency market. Management stated that the internal restructuring is intended to help the company operate more efficiently and quickly.
Preparation for changing market conditions
A spokesperson for Bitvavo explained that while the company is not in immediate distress, the job cuts are a strategic measure to prepare for the future and remain healthy.
The move follows broader price drops in the cryptocurrency sector. After reaching a peak of $125,000 in October of last year, bitcoin fell to a low of $59,000 in June before recovering to around $77,000.
Bitvavo was founded in 2019 by Mark Nuvelstijn, Tim Baardse, and Jelle de Boer.
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