Crypto Payment Platform MoonPay Trims Staff Numbers, Insists Not a Layoff Move
Crypto payments startup MoonPay has seen the departure of at least 40 employees within the last six months, raising questions about the company’s workforce stability. Despite the significant reduction in staff, MoonPay maintains that it is strategically scaling its team for optimized performance.
Reports reveal that the average tenure of those who have left the company since the beginning of the previous year does not exceed 10 months, highlighting potential concerns surrounding employee retention and job satisfaction at MoonPay.
MoonPay Experiences High Employee Turnover While Maintaining Growth in Headcount
Crypto payments startup MoonPay has experienced significant staff turnover, with at least 40 employees either being let go or leaving the company within the past six months, according to sources familiar with the matter and The Block’s analysis of the firm’s LinkedIn records.
The average tenure of the over 50 staff members who have departed MoonPay since the beginning of last year is a mere 10 months, highlighting potential concerns about the company’s work environment and employee satisfaction.
Despite the considerable employee turnover, MoonPay claims that its total headcount has actually increased from 190 to 279 full-time employees since March of the previous year. The company is continuing its hiring efforts, ensuring that there will be no overall reduction in headcount as a result of the recent staff departures. This seemingly contradicts the notion that the company is undergoing layoffs.
MoonPay’s insistence on “smart scaling” the team suggests that they are focused on optimizing their workforce for increased efficiency and performance. It remains to be seen whether the company’s approach to staffing will prove beneficial in the long run, or if the high employee turnover rate will continue to be a cause for concern in the rapidly evolving crypto payments industry.
Concerns Over MoonPay’s Image Management Amid Staff Departures
MoonPay has discreetly let go of employees over the past six months, according to six individuals with direct knowledge of the situation. Half of these sources reported that there have been no internal announcements regarding the staff reductions, while the other half, consisting of current and former employees, claimed that MoonPay is highly concerned about its public image and believes news of layoffs could damage its reputation.
However, MoonPay has been unable to control its image on Glassdoor, the popular workplace review platform. In the last six months, the company has received a series of scathing reviews, including grievances that employees cannot advance in the company, regardless of their work ethic. MoonPay’s overall rating on Glassdoor currently stands at 3.3 stars.
In response to the concerns, MoonPay asserts that any staffing adjustments are aimed at fostering a culture of excellence. In a statement to The Block in December, Soto-Wright expressed the company’s desire to remain lean and financially disciplined, comparing their approach to that of the 300 Spartans. He added that significant headcount expansion would not occur until the company is confident in the team’s operation.
According to a MoonPay spokesperson, the company is dedicated to performance management and retaining only the most exceptional talent. As a result, MoonPay continually strives to optimize its organization, uphold high standards for success, and maintain a lean and agile mindset as it grows.
