Crypto unicorn CoinSwitch has laid off 44 employees in its support team in a bid to right-size team.
This comes as prolonged bear market and regulatory effects persist for the industry. Recently, its peer CoinDCX too has laid off 12 per cent of its workforce citing market conditions.
A company spokesperson in a statement said, “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform. This impacted the roles of 44 members of our customer support team, who voluntarily resigned from their roles after a detailed discussion with their managers earlier this month.”
“Over the last year, many support team members have been absorbed into other functions based on the suitability of their skills for the other roles. CoinSwitch is extending support to the impacted employees. As and when volumes grow and new roles can be opened, CoinSwitch will be happy to welcome back those impacted,” the company added.
The crypto exchange has 519 employees according to LinkedIn. CoinSwitch, currently in a move towards wealth-tech it is diversifying into other asset classes. It is planning to provide Indian stock trading service.
After the introduction of 30 per cent tax on gains from Virtual Digital Assets(VDA) and 1 per cent Tax Deducted at Source(TDS) on trades, the trading volume across exchanges has taken dive. The prolonged bear market has also further added to the woes of the industry.