Know why cryptocurrency exchange CoinDCX is firing around 12 percent of its workforce
While the crypto industry has experienced periods of rapid growth and innovation, it has also seen its share of challenges and uncertainties. Many cryptocurrency firms are laying off many employees due to market volatility, regulatory changes, shifts in business strategies, or economic conditions. Just like cryptocurrency exchange CoinDCX is firing around 12 percent of its workforce, citing changing business priorities and the challenging business environment, founders Sumit Gupta and Neeraj Khandelwal said in the email.
“Today, some incredibly talented team members will be parting ways with the organization. We are deeply sorry for that and want to share our thoughts and reasons for the same,” said Sumit in the email.
According to Sumit, the decision is being taken to steer the business toward 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.
Laid-off employees will be provided with necessary assistance and resources, including severance pay equivalent to the full notice period, an additional one month of salary, variable pay and incentives owed, encashment of unused leaves, an extension of health insurance and wellness benefits, and access to counseling support, the startup announced.
