Crypto unicorn CoinDCX lays off 12 per cent of workforce
The crypto unicorn will also resize certain teams and steer the business towards profitable and sustainable growth.
BENGALURU: Crypto exchange CoinDCX has fired 12 per cent of its workforce or about 71 employees citing tough macro conditions. Founders Sumit Gupta and Neeraj Khandelwal said start-ups and businesses globally are going through challenging times, more so in crypto because of the prolonged bear market and the impact of TDS on domestic exchanges.
“These factors had a significant impact on our volumes and thus revenues. To adapt, we undertook several proactive measures, including direct cost optimization and investment in automation to drive efficiency and productivity. We also reprioritised certain initiatives/products in line with our long-term business strategy,” they said.
They added that the current situation demands that they work with a more efficient team structure. The crypto unicorn will also resize certain teams and steer the business towards profitable and sustainable growth.
CoinDCX became the first crypto unicorn in India in 2021. It had about 590 employees. Many start-ups have been firing employees due to challenging macro conditions and they also struggle to raise funds. From Coinbase to Kraken, Binance and WazirX, many leading exchanges have fired employees.
CoinDCX founders also said that the current market realities compel them to take some tough decisions. “We believe that this is the right thing to do for the business,” they said.