(Bloomberg) -- Bitpanda GmbH is eliminating almost a third of its workforce as the crypto exchange turned investment platform looks to weather a bout of market volatility and plunging asset prices.

The Peter Thiel-backed firm will reduce headcount to about 730 from more than 1,000 as part of cost-cutting measures announced in reaction to the uncertain market environment. Bitcoin, the largest cryptocurrency, has tumbled about 70% from an all-time high reached in November.

“We need to make fundamental changes in how we operate and sharpen our focus by getting back to the basics,” Bitpanda said in a letter to employees posted on its website. The company said it will focus on “safety and compliance, user experience, education and community, while deprioritizing everything else.”

The job eliminations follow similar reductions across the sector, including at Coinbase Global Inc., Gemini Trust Co. and BlockFi Inc. 

The Vienna-based company was valued at $4.1 billion in August when it raised $263 million, including from Thiel’s Valar Ventures, billionaire financier Alan Howard and REDO Ventures.

Bitpanda said it was seeking to preserve financial health in response to the uncertain outlook and wanted to remain self-funded.

“There’s lots of uncertainty in the financial markets right now and, while we do know that the industry is cyclical, nobody knows when the market sentiment will change.”  

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