CoinDCX, Leading Cryptocurrency Firm, Trims Workforce by 12% Amid Restructuring

• ByStartupStory     |    August 22, 2023

Amidst the backdrop of regulatory uncertainty in the cryptocurrency sector, CoinDCX, a crypto exchange, has laid off approximately 12% of its workforce, attributing the decision to evolving business priorities and the challenging business landscape. Founders Sumit Gupta and Neeraj Khandelwal shared this information in a blog post on Tuesday.

The cryptocurrency industry has experienced a notable decline in trading volumes ranging from 85% to 90% over the past year, primarily due to high taxes and TDS charges. Gupta and Khandelwal acknowledged these challenges, stating, “These factors had a significant impact on our volumes and thus revenues.”

In response to the circumstances, the company has taken proactive steps to optimize costs and invest in automation to enhance efficiency and productivity. Additionally, they mentioned reprioritizing certain initiatives and products to align with their long-term business strategy.

The startup assured that the affected employees will receive necessary assistance and resources, including severance pay equivalent to the full notice period, an extra month of salary, pending variable pay and incentives, payout for unused leaves, extension of health insurance and wellness benefits, as well as access to counseling support.

Having achieved the status of the first crypto unicorn in India with a valuation of $1.1 billion in 2021, CoinDCX remains one of the well-funded startups in the sector.

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