Cryptocurrency derivatives trading company Paradigm announced a 15% pay cut across the board starting this week. Paradigm said the decision was made due to the bankruptcy of FTX, and that the pay cut reduced the need for layoffs across the ecosystem and had less impact on the organization.
Paradigm provides a platform for traders and market makers to execute block trades in options and futures. Previously, Paradigm completed a $35 million Series A financing in October 2021, led by Alameda Ventures and Jump Capital.