Crypto unicorn CoinDCX cuts 71 employees
Crypto exchange CoinDCX is letting go of 12 percent of its employees, totaling 71 people.
This decision comes as the company grapples with a challenging business landscape.
Founders Sumit Gupta and Neeraj Khandelwal said: “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 (tax deducted at source) on domestic exchanges.
“These factors had a significant impact on our volumes and thus revenues.”
The layoffs have hit various departments across the Mumbai-based startup.
It achieved unicorn status in 2021 following a $90 million funding round led by B Capital Group.
The founders said: “To further ensure we run as a healthier business way forward, the current situation demands that we work with a more efficient team structure.
“To this end, we have made the difficult decision to resize certain teams and to steer the business towards a profitable and sustainable growth,”.
The company said these layoffs are one-time, with no further team reductions planned.
Despite the challenges, CoinDCX remains committed to driving cryptocurrency and web3 adoption, aiming to reach 50 million people by 2025.