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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.
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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
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