Share this article
Indian Crypto Exchange CoinSwitch Cuts Support Team, Citing Market Doldrums
The firm laid off 44 employees from the team, which still has 82 members.
Updated Aug 29, 2023, 9:19 a.m. Published Aug 29, 2023, 9:19 a.m.
Indian crypto investment platform CoinSwitch cut its customer support team by more than a third, citing low market activity.
The 44 job losses, which occurred about three weeks ago, amount to just under 7% of total employees, a company spokesperson told CoinDesk. The firm has hired around 60 people since April, mostly in product tech and compliance, for a total employee strength of around 640 before the layoffs. The customer support team still has 82 members.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
CoinSwitch is not alone in needing to adapt to a changed environment. Earlier this month, rival CoinDCX cut about 12% of its staff, laying off 71 employees as a bear crypto market and India's tax regime conspired to reduce trading volumes and thus revenue. India has imposed stiff taxes on crypto, including a 30% tax on crypto profits and a more controversial 1% tax deducted at source (TDS) on all transactions since Feb. 1 2022.
"As and when volumes grow and we open new roles, we will be happy to welcome back those impacted,” a company spokesperson said.
Local Indian news outlet Moneycontrol reported the job losses earlier today.
CoinSwitch has offered severance and additional benefits for up to four months depending on the tenure of the laid-off employees, according to a source.
Read More: Indian Crypto Exchanges Are in Survival Mode, Trying to Extend Their Runways
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase rolls out stock trading, prediction markets and more in bid to become the ‘Everything Exchange’
Coinbase is dramatically expanding the assets available to trade on its platform, including novel cryptocurrencies, perpetual futures, stocks and prediction markets, starting with Kalshi.
What to know:
- Coinbase is expanding offerings on its platform, introducing hundreds of top stocks based on market cap, trading volume, etc, with plans to add thousands of additional stocks and ETFs over the coming months.
- Coinbase users will also be able to trade on the outcomes of real-world events like elections, sports, collectibles, and economic indicators, starting with Kalshi and more to be integrated over time.
- A new AI-driven wealth management advisory service has been introduced, as well as Coinbase Business to help startups and small businesses incorporate crypto.
Top Stories
