Cryptocurrency exchange CoinDCX is firing more employees, according to an internal email sent by the company’s chief executive officer Sumit Gupta to employees.
“…Today, some of our incredibly talented team members will be parting ways with the organization. We are deeply sorry for that and we want to share our thoughts and reasons for the same,” said Gupta in the email.
According to Gupta, the decision is being taken to steer the business towards a profitable and sustainable growth. The move will impact 12% (around 70 employees) of the total workforce.
“As you all know, 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. To adapt, we undertook several proactive measures, including direct cost optimization and investment in automation to drive efficiency and productivity…” he added.
Earlier in January, CoinDCX went through an internal restructuring and it denied any layoff during the event.
CoinDXC turned unicorn in August 2021 when the firm raised $90 million in Series C round. The company scooped up another $135 million to go past the $2 billion valuation mark in April 2022.
In July last year, the Enforcement Directorate summoned cryptocurrency firms in India including CoinDCX to look into whether the Foreign Exchange Management Act (FEMA) was violated.
Update: 12:10 pm IST: The post has been updated to reflect the percentage of employees being laid off.
