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MoonPay Lays Off 10% Despite Product Expansion: Report

0 18

Key Points:

  • MoonPay to lay off about 10% of employees due to high costs.
  • Despite layoffs, MoonPay maintains financial stability.
  • MoonPay recently introduced new products and services.
MoonPay lays off around 10% of its workforce due to high costs and lower-than-expected operating margins, despite recent product launches and a $3.4 billion valuation.

MoonPay is reportedly planning to lay off around 10% of its workforce to remedy its high cost structure and lower-than-anticipated operating margins, according to MoonPay’s co-founder and CEO Ivan Soto-Wright, in an email to the employees.

MoonPay Lays Off 10% of Workforce Amid Financial Concerns

As The Block reported, the exact numbers remain unknown. However, estimates indicate the number may be something like 30, given MoonPay’s total headcount is estimated at 300 per LinkedIn figures. A MoonPay spokesperson, when contacted, confirmed the contents of the email but declined to share a specific number.

Soto-Wright told his employees that MoonPay is financially stable, having a few years of runway ahead, but its operating margins are not at the expected levels.

The high cost structure, said Soto-Wright, relates to over-investment in certain areas and geographies, and the company needs to handle this responsibly, both in front of the team and shareholders.

Readmore: Vitalik Buterin Criticizes Iggy Azalea’s MOTHER Token Over Celebrity Trend

MoonPay’s Forthcoming Products Despite Recent Layoffs

Soto-Wright further said that the affected employees would be able to avail separation packages and continue to have the opportunity to become shareholders in the company.

The news of layoffs comes at a time when MoonPay announced new products and services, such as launching a new web3 tool platform for brands that are venturing into crypto, a PayPal integration to enable easier crypto transactions for US users, and a BitPay partnership to enable more streamlined crypto transactions.

Notably, the company counts high-profile investors such as Paradigm and Coatue. It was valued at $3.4 billion in a massive $555 million Series A fundraise in 2021.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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