Cryptocurrency and commodities trading platform Bitpanda told its employees it would not resort to mass layoffs amid the economic downturn, just three weeks before a big employee cull. According to a Slack screenshot obtained by The Block dated May 31, the company's chief product officer, Lukas Enzersdorfer-Konrad, tried to dispel rumors that the company would downsize and halt hiring. "There will not be any kind of massive layoffs within Bitpanda," Enzersdorfer-Konrad said. "We have not yet reached our limit and will continue hiring until all the positions we need are filled." He said the company was "very well funded" with no liquidity problems. While he noted that its 2022 financial results were "below budget," he said that this had been caused by macroeconomic conditions, including a supply crisis and the Ukraine conflict. The executive urged employees to focus on product and tech infrastructure improvements in preparation for the "next bull run. When reached for comment, a company spokesman said: "Three weeks before the day of the announcement we didn’t plan to do a restructuring and we have always transparently communicated our plans to our people." He added: "We only took this tough decision days before the official announcement when, due to legal restrictions, we couldn’t openly communicate about it." Bitpanda said it was doing its best to support those affected by the restructuring.