CRYPTO — Due to the prolonged cryptocurrency bear market and the impact of TDS on domestic exchanges, Mumbai-based CoinDCX has reduced its staff by 12%. The company’s founders, Sumit Gupta and Neeraj Khandelwal, recently discussed the factors leading to layoffs in a blog post. In addition, they restated their commitment to the group and its goals. We have some difficult news to share, and we do so with a sad heart. As of today, we will be reducing our staff by around 12 percent, which unfortunately means that some of our most skilled employees will be leaving the company. This is something we truly regret,” the blog post said.
In addition, they elaborated on the difficult market conditions, saying, “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.”
The volume of our trades and earnings were significantly affected by these variables. To increase effectiveness and output, we implemented a number of preventative policies, such as direct cost optimisation and investments in automation. As part of our long-term business plan, we also reprioritized certain of our efforts and products,” they added.
As Sumit and Neeraj put it, “The current situation demands that we work with a more efficient team structure” to make our company stronger in the future. Because of this, we’ve had to lay off some employees and adjust the company’s course so that it can develop profitably and sustainably.
Despite our best efforts, CoinDCX has stated, “However, given the prevailing market conditions, we find ourselves compelled to make some difficult choices.” We think this is the best course of action for the company. The founders acknowledged the choice’s emotional toll, saying, “We bear the weight of this decision, both in responsibility and in emotion.”CoinDCX has also confirmed that there are no upcoming intentions to reduce staff size. Moreover, the founders said, “To ensure that, we have had multiple thorough and deliberate discussions and worked closely with the senior leaders in the company.” But we know you probably have a lot of questions, and we’ll get to them all in a minute.
The future seems bright for us, and we’re excited to play a part in developing India’s burgeoning Web3 industry. It is not hyperbole to say that we are dedicated to bringing about a more open, inclusive, and fair digital world by hastening the spread of crypto and web3 applications. This is our promise to you and the rest of the globe, the message said.
