One of the most renowned cryptocurrency exchanges, CoinDCX, has announced it is reducing the size of its team by cutting about 12% of staff due to the extended bear market and the negative impact of India’s tax laws on revenue.
According to the spokesperson, 71 employees are being laid off from the company as their role is not suitable for current business priorities. Founded in 2018, the Mumbai-based company has about 590 employees.
The statement read, “Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges. These factors had a significant impact on our volumes and thus revenues.”
CoinDCX’s founders, Sumit Gupta and Neeraj Khandelwal, said they will look into some proactive measures, like a strategy and investing in automation, to cut costs. They will only focus on initiatives/products that align with their long-term business strategy.
The firm also sees a bright future, citing, “For those who continue to stay with us, we continue to remain bullish on the India opportunity and committed to our mission of driving crypto and Web3 adoption to 50 Million people by 2025.”
Sumit Gupta shared his feelings on LinkedIn, “Today marked one of the most difficult moments for me and Neeraj in our journey at CoinDCX. We had to make a tough choice that involved bidding farewell to some of our brilliant and dedicated team members at CoinDCX. We are deeply sorry for this, and we bear its weight, both in responsibility and in emotion.”
Also Read: CoinDCX Joins with KoinX to Simplify Crypto Tax Reporting
