Crypto unicorn CoinSwitch has downsized its support team by letting go of 44 employees, a move prompted by the prolonged bear market and ongoing regulatory challenges in the industry. CoinDCX, a peer company, also recently laid off 12% of its workforce due to market conditions.
The company has been redeploying support team members into other roles over the past year based on their skills’ suitability for these positions. CoinSwitch is providing support to the affected employees and is open to rehiring them when volumes increase or new roles become available.
CoinSwitch, which currently has 519 employees, is diversifying into other asset classes and plans to offer Indian stock trading services as part of its transition towards wealth-tech. The cryptocurrency industry has faced challenges, including a 30% tax on gains from Virtual Digital Assets (VDA) and a 1% Tax Deducted at Source (TDS) on trades, contributing to decreased trading volumes amid the prolonged bear market.
By FCCT Editorial Team
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