Austrian investing platform Bitpanda is letting go of about 730 people and rescinding offers of employment made recently.

The company announced the layoffs during a call Friday, per a statement put out on its website. Bitpanda’s current workforce is roughly 1,000, according to the website.

“While this is a tough decision to make, it was nonetheless necessary to make sure we’re robustly well-capitalized to navigate the storm and get out of it financially healthy, no matter how long it takes for markets to recover,” Bitpanda said.

The company also shared a message it sent to employees over Slack, in which it stated that it was growing too fast while trying to keep up with the industry.

“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality. Looking back now, we realize that our hiring speed was not sustainable. That was a mistake,” the company told employees.

Bitpanda joins a series of other firms in the crypto space that have cut back on their staff in recent weeks including Coindesk, BlockFi, Gemini and Crypto.com. Thousands of jobs have been cut.

Bitpanda told employees that it would offer those who were laid off support ranging from 1:1 coaching with talent acquisition partners to mental health support and an employee assistance program.

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