Indian Crypto Exchange CoinDCX Lays Off 12% of Staff Citing Prolonged Bear Market and TDS Indian Crypto exchange
CoinDCX, backed by
Coinbase Ventures, fired 12% of its workforce on Tuesday, citing ongoing macroeconomic conditions
and the TDS on crypto transactions. The company clarified that it is the first time CoinDCX is laying off employees. Earlier in
Jan, it announced an internal restructuring and denied any layoffs
at the time.
The decision comes
at a time when crypto startups in India are grappling with the country’s regulatory uncertainty and a plunge in trading volumes in 2022, amid high crypto tax rates and TDC.
According to the company’s chief executive officer
Sumit Gupta, tough macro conditions due to “the prolonged bear market
and impact of TDS on domestic exchanges” have pressured the company to take the “difficult decision.”
“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.”
