Tokocrypto, an Indonesia-based cryptocurrency exchange, announced in a statement that it has let go of 45 people, or around 20% of its staff.
Additionally, it split out into separate businesses its NFT marketplace TokoMall and community space T-Hub, and it shifted part of its staff to those businesses.
The cryptocurrency exchange will make sure the procedure complies with local laws and has suggested the impacted personnel to other Web3 and blockchain businesses that have been its partners.
According to the company, it made the choice in expectation of a persistent unfavourable trend in the cryptocurrency market and the overall economy.
The biggest cryptocurrency exchange in Indonesia is Tokocrypto, which launched in 2018. It claimed that Binance is one of its investors and that it has more than 2.5 million registered users.
In collaboration with BRI Ventures, the investment division of Bank Rakyat Indonesia, it established the first blockchain-focused accelerator in Indonesia earlier this year. It also hired local investor Indogen Capital and FinTech-focused VC company Finch Asia to launch Cydonia, a Southeast Asian Web3 fund.
