Digital assets outfit Paxos has laid off 20% of its staff, according to a Bloomberg report.
In a company memo obtained by Bloomberg, Paxos CEO Charles Cascarilla says that the layoffs “allows us to best execute on the massive opportunity ahead in tokenization and stablecoin" and the company is in a "very strong financial position to succeed".
The pink slips have been handed out to 65 staff members.
The company, which reached a $2.4 billion valuation on a $300 million Series D at the height of the fintech boom in April 2021, recently annonced plans to exit the Canadian market.
The Bloomberg report says that Paxos intends to gradually discontinue its settlement services in commodities and securities to concentrate more on asset tokenization and stablecoins.
Paxos is the digital assets partner of PayPal's stablecoin PYUSD.