According to an internal email sent to staff members by company CEO Sumit Gupta, cryptocurrency exchange CoinDCX is terminating more employees.
“…Today, some of our incredibly talented team members will be parting ways with the organization. We are deeply sorry for that and we want to share our thoughts and reasons for the same,” said Gupta in the email.
Gupta claims that a decision has been made to guide the company toward profitable and long-term growth. 12% of the workforce, or about 70 employees, will be impacted by the change.
“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.
CoinDCX underwent internal restructuring earlier in January, but the company denied any layoffs that occurred as a result of the process.
In August 2021, CoinDXC raised $90 million in a Series C round, making the company a unicorn. In April 2022, the company raised an additional $135 million, surpassing the $2 billion valuation threshold.
The Enforcement Directorate summoned cryptocurrency companies in India, including CoinDCX, in July 2017 to investigate potential violations of the Foreign Exchange Management Act (FEMA).
